20-Categories Of Industry Flashcards
Primary sector
Businesses engaged in taking raw materials from nature e.g forestry
Importance of primary sector
Job creation
Source of food
Exports
Supports profits of other businesses
Trends in primary sector
Quotas
Grants for forestry
Natural resources-instead of depending on foreign oil e.g. gas off coast of cork
Organic foods
Secondary sector
Businesses in manufacturing and construction industry
Manufacturing industry
Takes raw materials from primary sector and turns it into a totally finished product Eg. Wood-table
Agri business-farm produce into food
Transnational companies
Indigenous companies
Importance of manufacturing industry
Job creation
Exports
Supports profits of other businesses
Trends of manufacturing industry
Low wage economies
Oil-high cost lowers profits
Cost of machinery e.g CAM
Eu market access
Construction industry
Businesses involved in designing and building infrastructure
Importance of construction industry
Job creation
Supports profits of other businesses
Improved infrastructure
Trends of construction industry
Economic downturn
Government investment
Tertiary sector
Businesses that provide services to consumers and other businesses
Importance of tertiary sector
Job creation
Exports-financial and software services
Attract foreign direct investment
Trends in tertiary sector
Excellent financial services sector-IFSC
Discount retailers
Tourism sector:wild atlantic way,brexit
Retailer footfall: shopping centres more popular
Factors of production (definition)
Four essential resources entrepreneurs combine to make a product or service
Land
Labour
Capital
Enterprise
Land: physical land/natural resources e.g potatoes for making crisps
Labour:human effort to make products
Capital:human made goods used in production e.g oven
Enterprise:skill of combining all these factors together to make a product.Think of idea and take risk to set up business.
