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Levels of business activity

There are millions of businesses around us. Business can be categorised in three broad categories or stages.

Primary Sector

All those businesses which are related with extraction of raw material from Mother Nature such as mining, fishing, farming, and logging are known as Primary Sector businesses.

Secondary Sector

All businesses which manufacture and process the raw materials which can be used by the end consumers are known as Secondary Sector businesses. These include building, construction, compute assembly, shoes factories, textile factories etc.

Tertiary Sector

Whereas all the businesses which provide services and assist both the primary and secondary sector businesses can be classified as Tertiary sector businesses. These include transportation, insurance, hospitals, educational institutes, showrooms etc.

A business may exist in all the three sectors also. For example. British Petroleum has its own Oil wells and it extracts raw oil, this is primary sector activity, this oil is converted into petroleum and other by products. This is secondary business activity. After processing the oil into useable product BP sells it to end consumers through its network of Petrol pumps. This comes under the tertiary sector.

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