Free enterprise is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention. Free enterprise is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention.
Manufacturing and Industry sector known as the secondary sector, sometimes as the production sector, includes all branches of human activities that transform raw materials into products or goods. The secondary sector includes secondary processing of raw materials, food manufacturing, textile manufacturing and industry.
A primary economic activity involves sourcing or extracting natural resources from the land or bodies of water. Natural resources are those that occur naturally and are not... A primary economic activity involves sourcing or extracting natural resources from the land or bodies of water.
Basic classification of the primary sector as follows: Agriculture (crop and animal husbandry) Forestry and logging; Hunting and fishing; Mining and extraction of raw materials; For more detailed breakdown of the primary sector into individual branches and into individual economic activities, there are used different classifications of human activities.
“Socialism refers to the government ownership of the means of production, planning by the government and income distribution”-Samuelson. Meaning: Socialist means the system under which economic system is controlled and regulated by the government so as to ensure welfare and equal opportunity to the people in a society.
The tertiary sector of the economy includes the distribution of goods and the provision of services. Ed … ucation, retailing, wholesaling, health care, television and radio communications, computer programming, professional services, and transportation are other examples of tertiary activities.