MGIS 317 Chapter Notes - Chapter 2: Private Limited Company, Public Limited Company, Sole Proprietorship

• School: University of Calgary
• Department: Management Information Systems
• Course: MGIS 317
• Professor: Ronald Schlenker

Document Summary

Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms. Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes making and construction. Tertiary sector of business activity firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications. The importance if each sector in an economy changes constantly. Industrialisation is the terms used to describe the growing importance of the secondary sector manufacturing industries in developing countries. In simple terms: it is the movement of the secondary sector of business activity, to the tertiary, or the best example being of catching fishes to exporting them. Total national output increases and this raises average standard of living. Increasing output of goods which leads to lower imports and higher exports. Value is added to the countries" output of new material.