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Economic Sectors

Economic Sectors. DO NOW. Define what is meant by triple bottom line and provide a NZ example of a social enterprise. Economic Sectors NZ Economy. What are the three economic sectors? Why are they important to the NZ Economy? What do you think is the current mix within our economy?.

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Economic Sectors

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  1. Economic Sectors

  2. DO NOW Define what is meant by triple bottom line and provide a NZ example of a social enterprise.

  3. Economic Sectors NZ Economy What are the three economic sectors? Why are they important to the NZ Economy? What do you think is the current mix within our economy?

  4. Business Activity Primary Sector: Businesses engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other businesses. Secondary Sector: Businesses that manufacture and process products from natural resources, including computers, brewing, baking, clothes manufacturing and construction.

  5. Business Activity Tertiary Sector: Firms that provide services to consumers and other businesses, such as retail, transport, insurance, banking, hotels, tourism and telecommunications.

  6. Changes in Business Activity The importance of each sector changes overtime, this is because of industrialisation a reliance on the secondary sector manufacturing businesses. Countries such as China rely on this sector. The situation is reversed in more developed countries such as NZ and USA the secondary sector becomes less important and the tertiary sector more important.

  7. Businesses in NZ

  8. Businesses in NZ 470,350 enterprises, down 1.7 percent compared with February 2009 43,700 enterprise births over the year, down 20.4 percent from the previous year 55,040 enterprises ceased over the year, up 6.0 percent from the previous year a total of 1.890 million paid employees (a business size measure statistic, not an official employment statistic), down 1.9 percent from 2009 one-fifth of all enterprises were in the rental, hiring, and real estate services industry the manufacturing industry was the largest employer (227,300 employees) the new Auckland Council region that comes into existence on 1 November 2010 had an estimated 31 percent of the business locations in New Zealand.

  9. Group Work In Groups of 4-5 discuss the statistics information in relation to NZ enterprises and decide what sector is the most important to our economy and why? Also think back to the 1950’s what do you think would have been the biggest economic sector for our country? (15 mins)

  10. Public vs. Private Video http://www.youtube.com/watch?v=U81p0aVy66c

  11. Public Vs Private Public Sector – all businesses owned and controlled by the government. eg – Education, Hospitals and police Private Sector – all businesses owned and controlled by private individuals.

  12. 100% Private or 100% Public Do you think economy's should be 100% Private or Public or should they be mixed?

  13. Reasons for a Mixed economy Merit Goods. The government feels everyone should have access to some goods/services e.g. healthcare and education. If these existed only in the private sector not everyone could afford them, so not everyone would have access to them. Public Goods. These goods or services are: a) Non-rival i.e. once one consumer has benefited from them, they remain undiminished for other consumers to benefit from e.g. a road. b) Non-excludable i.e. once provided it is very difficult to prevent any consumer from benefiting from them e.g. a fireworks display It is difficult/impossible to make money from public goods as we cannot exclude consumers who haven’t paid for them (freeloaders) so the private sector is usually unwilling to provide them.

  14. Homework Case Study pg 17 Blog Duty –Student to discuss today's lesson, others to check and comment

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