5 Questions
Which sector represents a large grouping of companies engaged in similar business activities?
Primary sector
In which sector are oil and gas companies categorized?
Primary sector
What represents a more specific grouping of companies within a particular sector?
Industry
Which industry is concerned with the processing and production of goods and services?
Secondary industry
In which industry are companies engaged in services like education, healthcare, and hospitality categorized?
Tertiary industry
Study Notes
Sector Classification
- A sector represents a large grouping of companies engaged in similar business activities.
- The oil and gas companies are categorized in the energy sector.
Industry Classification
- An industry represents a more specific grouping of companies within a particular sector.
- The industry concerned with the processing and production of goods and services is categorized as manufacturing.
- Companies engaged in services like education, healthcare, and hospitality are categorized in the service industry.
Test your knowledge of economic sectors with this quiz. Learn about the 4 main types and how they function within the economy. Understand the differences between sectors and industries, and how companies within each sector are grouped based on similar business activities.
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