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Btec Business L2 Unit 1 P5

1064 words - 5 pages

Characteristics of The Sutton Business Environment

In Sutton, there are multiple markets (Mass Markets being products that everyone buys, Product Markets being markets that control the supply and demand for those goods, while financial markets relate to buying and selling shares and stocks), from mostly the secondary and tertiary sectors. This includes banking (in the tertiary sector) and (manufacturing in the secondary sector). The Sutton area has the following markets in the secondary sector:
* Manufacturing- Product Market
* Construction- Product Market

While, the Tertiary sector has the following markets:
* Marketing- Product Market
* Retail-Mass Market
* ...view middle of the document...

This service is provided by the Economic Revival and Regeneration Team, which is, as the name suggests, is responsible for increasing economic prosperity and growth in the area. Also in the Sutton area, is the Sutton Partnership (run by the Policy and partnerships Team) which brings together businesses from the area to share business strategies. Within the partnership, there are 6 themed partnerships:
* Economic & Housing Renewal
* Community Engagement
* Children & Young People
* Safer Sutton
* Sutton Adults
* Sustainable Living
Each individual partnership is responsible for a specific area. For example, the Community Engagement partnership is responsible for developing the community with help from businesses.

Also in accordance to the Office of National Statistics, in Sutton, the primary sector is composed of the following sectors
* Agriculture, Hunting and Forestry (Employing 480 people)
* Fishing (Employing 10 people)
* Mining and Quarrying (Employing 112 people)
While, the Secondary Sector is composed of the following:
* Manufacturing (Employing 7,006 people)
* Construction (Employing 7,708 people)

The Tertiary Sector is composed of:
* Electricity, Gas and Water Supply
* Wholesale and retail trade
* Hotels and Restaurants
* Transportation, storage, communications
* Financial Services (Banks)
* Real Estate
* Education, Health Care and Social Work
* Public Administration and Defense

Quite clearly, the tertiary sector is the largest sector in the Sutton area. It is worth noting that the tertiary sector employs the largest amount of people, with the primary sector employing the least. The primary sector has been declining since the Industrial Revolution- before the Industrial Revolution, the Sutton area was known for its lavender fields. The land used by farms was taken up by factories, particularly along the River Wandle, which would become the industrial center for the South East. Following that, the massive urbanization of the area lead to what little land there is left being taken up by houses. The secondary sector rose during the Industrial Revolution, as previously mentioned. However, from the 1960s, the economy was drastically changed (for the first time since the Industrial revolution) - the tertiary sector would become the predominant sector in the area, and across the country. The rise of the tertiary sector was intensified in the 1980s, after many regulations on banking and finances were removed, causing a boom in mortgages and financial...

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