Chapter 2 Classification of Business IGCSE

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1. IGCSE B u s ines s S t u d i es

2. Objective: By the end of this lesson, students will be able to identify and describe different types of business activities and their importance in the economy. Success Criteria:  Students can list and explain the primary categories of business activities. Students can provide examples of businesses that fall under each category. Students can discuss the significance of these activities in terms of economic growth and job creation.

3.  You would much rather be by the sea, lounging on this exceptional chair and drinking an ice cold smoothie…  How many different stages came about to bring this exceptional chair to life?

4. Stage Bus i n ess involved Pr i m a r y S e conda r y T e r ti a r y W oodcut t er F urn i ture m a k er Retailer

5.  … You will notice that there are three main stages of activity. Forestry Making Furniture Tertiary Retailer Primary Secondary

6. F a rmi n g Fishing E x t ract i on o f natural resources  The primary sector of industry extracts and uses the natural r e s o u r ces of the ea r th. Forestry

7. B u i lding & C o nstr u ction A i r cra f t M a k i ng Clothes M a nu f a c tu r i n g B a k ing  Th e seco nda r y sec t or of indust r y m a n u f a ctures g oo d s using the r a w m a t erials p r o v i ded b y t h e p r i m a r y s e c t o r .

8. Transportation H o t els Hairdressers Banking  The tertiary sector of industry involves providing services to both consumers and other businesses . Activities in the tertiary sector include transport, banking, insurance, hotels and hairdressing.

9. Case Study: Sarah's Homemade Jam Business Sarah is an entrepreneur who has a passion for making homemade jam. She started her jam-making business from her kitchen and has been selling her products at local farmers' markets. Over time, her business has grown, and she's now facing decisions about expanding her economic activity. Read the case study and answer the question given. Describe the three main levels of economic activity. Provide a brief explanation of each level. Sarah is considering renting a commercial kitchen space to increase her jam production. How would this decision impact the level of economic activity for her business? Discuss the potential benefits and drawbacks. Assess the ethical considerations Sarah should keep in mind when expanding her jam business. How can she ensure that her business practices align with responsible and sustainable economic activity?

10. What is the purpose of business activity? To combine and organize scarce productive resources to produce goods and services to fulfil the needs and wants of consumers.

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