BUSINESS STUDIES

PRELIMINARY T O P I C 1 : N AT U R E O F B U S I N E S S

Te a c h e r e m a i l : a l e x a n d r a . n e w m a n @ d e t . n s w. e d u . a u

SYLLABUS LINKS

Business Studies Stage 6 Syllabus

CLASSIFICATION: INDUSTRY

PRIMARY INDUSTRYThe primary sector of the economy is the sector of an economy making direct use of natural resources, or raw materials. This includes agriculture, forestry, fishing and mining. 

SECONDARY INDUSTRYThe secondary sector includes industries that manufacture or produce a finished, usable product or are involved in construction. Example: Ullrich Aluminium Ullrich Aluminium produces a vast range of aluminium products for marine, industrial, commercial, domestic and designer applications. Ullrich Aluminium is among the advance guard of a new technology… Improvements in aluminium metallurgy, quality, and finish promise to revolutionise this industry.

TERTIARY INDUSTRYThe third sector is the tertiary sector – it sells the finished product, or uses the finished product to provide a service. Tertiary industries can be tricky to classify because they often also include processes that fall into the secondary and quaternary sectors too. Examples of tertiary industries may include the following:

• Entertainment• Hospitality industry/tourism• Mass media• Healthcare/hospitals• Public health• Information technology• Waste disposal• Consulting• Gambling

• Retail sales & franchising• Real estate• Education• Financial services

– Banking, Insurance, Investment management

• Fast-moving consumer goods (FMCG)• Professional services

– Accounting, Legal services• Management consulting

Pronounced: terch-ery

QUATERNARY INDUSTRYThe quaternary sector of the economy is a way to describe a knowledge-based part of the economy. This includes services such as:• information technology• information-generation and –sharing• media• research and development• consultation• education• financial planning• blogging• designing

Pronounced: quat-er-nary

QUINARY INDUSTRYQuinary activities are services that focus on the creation, re-arrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technologies.Has been referred to as ‘gold collar’ professions

Includes:• health• hospitality• recreation• senior business executives, government officials, research scientists,

financial and legal consultants, etc. • The quinary sector also includes domestic activities such as those

performed by stay-at-home parents or homemakers. These activities are not measured by monetary amounts but make a considerable contribution to the economy.

Pronounced: quine-ery

Gross domestic product (GDP)

is one of the primary indicators used to gauge the

health of a country's economy.

It represents the total dollar value of

all goods and services produced

over a specific time period; you can think of it as

the size of the economy.

INDUSTRY SECTOR BREAKDOWNINDUSTRY DEFINE ExamplesPRIMARY

SECONDARY

TERTIARY

QUATERNARY

QUINARY

INDUSTRY SECTOR BREAKDOWNINDUSTRY DEFINE ExamplesPRIMARY Exploit natural resources and

produce raw materialsMining, farming

SECONDARY Process raw materials and manufacture finished goods;

production of cars, food and clothes

TERTIARY Distribute goods and provide services

Supermarkets, hairdressing, travel agents

QUATERNARY Information-based services Teaching, journalism, banking

QUINARY Decision making; Household services

Carpet cleaning, child care, restaurants