Quaternary industry is a component of the economic system that includes all intellectually based professions and activities. It is more commonly referred to as the quaternary system.Know More
The components of the economic system include the primary, secondary, tertiary, quinary and quaternary sectors. The quaternary sector of the economy provides knowledge-based services. It is primarily focused on industries of technology, scientific research and education. The quaternary section is sometimes included in the tertiary sector due to its service-based nature, although the specificity of the quaternary sector's functions allows it to function as a separate sector. The quinary sector may be considered a branch of the quaternary sector as it focuses on high-level decisions made by executives in quaternary industries.
Companies such as pharmaceuticals involved with the quaternary sector commonly work on investments that help them expand, as well as make improvements to make production methods and manufacturing more efficient. They gather information that is essential to understanding economic trends and which investments can bring the highest profits and growth. Media and other forms of entertainment industries are also included in the quaternary sector and are referred to as "pure" services. In economies such as that of the United Kingdom and United States, the service-based industries included in the quaternary and tertiary sectors are the primary employers, making them an essential component to the economic system.Learn more in Economics
A closed economy refers to an economic system which does not have business relations with any economies outside its own system. Closed economies employ barriers to the trade of goods and services, monies and intellectual property to and from their economic system.Full Answer >
A private enterprise economy is an economic system where the means of production and distribution are owned by the private sector, which carries business for profit-making reasons. This economic system is driven by innovation, with the government placing few restrictions on business enterprises.Full Answer >
The supply curve slopes upward because the volume suppliers in an industry are willing to produce increases as the price the market pays increases. Under typical circumstances, the revenue and profit derived by a supplier increases as the market price rises.Full Answer >
Perfect competition is characterized by factors like multiple sellers (or competitors), identical products on the market, sellers accepting rather than influencing market prices and free entry and exit into the given industry. In the actual business world, perfect competition is extremely rare, but it is an important economic concept.Full Answer >