20 Categories of Industry Flashcards
What are the three sectors/categories of the economy
1.Primary Sector/Extractive Industry
2.Secondary Sector/Manufacturing + Construction Industries
3.Tertiary Sector/Services Industry
Another name for Primary Sector
Extractive Industry
Another name for Secondary Sector
Manyfacturing + Construction Industry
Another name for Teritary Sector
Services industry
What is the primary sector
Consists of all those business that are engaged in taking raw materials from nature.
Examples of primary sector infustries
Agriculture-Farmers take crops from ground
Fishing-Fish is caught from sea
Forestry- Foresters cut trees
Mining- Miners dig coal,zinc etc
Energy- Extracting oil and gas deposits frim around the country
Importance of Primary Sector
1.Creates Employment=Fewer ppl claiming social welfare + more paying tax
2.Is a consumer of Irish Products=More money into economy.Increased profits for irish businesses
3.Export raw materials=Improved balance of payments.Richer country
4.Provide food for country=Less importing=Improved balance of payments
Changing trends in primary sector
-Dairy Farmers now free to produce as much milk as they can=export more milk
-Extracting our own natural resources is helping us depend less on foreign oil
-Wind farms becoming more common^
-Grants being offered to pay for planting and maintaining new forests
-Money earned from sale of wood exempt from tax
-Demand for organic foods increasing=farmers thur capitalising on Ireland’s green image
What is the secondsry sector
It consists of the manufacturing and construction industries
What is manufacturing
Taking the output from the primary sector and making it into a totally diff product.
Carpenter takes wood nd makes it into furniture
What businesses does the manufacturing industry include
Agri-Businesses: Take farm produce make it into food.(Denny buys pigs and makes sausages)
Indigenous Firms: Irish businesses set up by Irish People that make their products in Ireland. (Lily Obriens Chocolate)
Transnational/Multinational Companies: Foreign businesses set up factories in Ireland to manufacture their products in Ireland.
Intel makes computer parts here.
Importance of manufacturing to the economy
1.Creates employment=less claiming social welfare more paying tax
2.Exports lots of products=improves balance of payments, irish manufacturers richer and country richer
3.Consumer of raw materials=provides income to primary sector workers
Changing trends in Manufacturing industry
Competition from low wage exonomies caused Irish manufacturers to close down/ move to low wage exonomies. E.g Fruit of the Loom moved to morocco from donegal in 2006
Price of oil increased. Manufacturers pay mote on energy to run their factories leading to lower profits
Becoming more capital intensive=Use more machines and less employees. Less irish ppl work now
What is the construction Industry
Consists of all the businesses involved in designing producing and maintaining the build infrastructure of the economy
