Classifying Business - Industry Sector

Primary Sector:

A business involved in the extraction or production of natural resources.

All products require this sector to transfer value from the natural processes into the human economy.

Eg: Mining (metals for production, fossil fuels for energy), Fishing (open ocean or farmed), Logging (forests or sustainable processes), Agriculture (farming of all food stuff—plant, animal and animal produce)

Secondary Sector:

A business that manufactures a physical product (manufacturing sector) using primary resources and intermediate goods.

Can be the manufacturing of a finished good (to end consumer) or intermediate good (to another business for further value-adding).

Eg: Shoe factory, food processing plant, car makers, clothing factories, plastic components

Tertiary Sector:

A business that provides a service; nothing physical is made by the firm. 

A business that does something for the customer.

This is the largest sector in Australia (+80% of GDP and largest employer).

The Tertiary sector includes businesses such as retailers (on-selling / reselling of goods), health services (dentists, physiotherapy, medical centres), mechanical repairs (cars, computers), financial firms (banks, financial planners / advisors) and legal firms. 

The services sector is huge. The tertiary sector has been further categorised into the Quaternary and Quinary sectors.

Quaternary Sector:

A sub-category of the tertiary sector (services sector)

Comprised of businesses that deliver services in the transferral and processing of information and knowledge.

Eg: Telecommunications company (internet, phone plans), media company (print media, online media, television broadcasters, digital content provider), educational firms (private schools, colleges, unis), 

Quinary Sector:

A sub-category of the tertiary sector (services sector)

Comprised of businesses that deliver services traditionally performed in the home environment.

Eg: Hospitality industry (hotels, restaurants), child-care services (day care, pre-school, baby sitting), cleaning services (office and home)