categories of industry

Question 1

primary sector

Answer 1

•refers to working with natural resources
•is an executive industry e.g mining, fishing

Question 2

tertiary sector

Answer 2

•refers to the services industry
•largest sector in ireland
•aim is to provide a range of services to businesses and consumers e.g financial/medical/transport services
•tourism is one of most significant service sectors. labour intensive & major source of employment

Question 3

trends in tertiary sectors

Answer 3

•increased sales
•increased competition
•VAT
•e commerce
•increased employment numbers in tertiary sector
•wage increase

Question 4

increased sales
(trends in tertiary sector)

Answer 4

•ireland has experienced surge in economic growth
•consumer savings increased due to lockdowns, coupled with reductions in USC, more disposable income
•increased sales for service providers like hotels, restaurants

Question 5

VAT
(trends in tertiary sector)

Answer 5

•rate of VAT in tourism and hospitality sector increased from 9% to 13.5%
•increase prices in tertiary sector

Question 6

increased competition
(trends in tertiary sector)

Answer 6

•traditional service providers face increased competition from online service providers
•e.g financial service providers like banks face competition from online service providers like KBC bank

Question 7

e commerce
(trends in tertiary sector)

Answer 7

•growth of e business, a method of buying and selling goods and services over the internet, is changing the dynamic of the services sector
•retailers moving to online operations include Tesco and Next

Question 8

increased employment numbers in tertiary sector
(trends in tertiary sector)

Answer 8

•number of people employed in services industry continues to grow
•tourism industry employment numbers have increased annualy

Question 9

wage increases
(trends in tertiary sector)

Answer 9

•successful wage demands in transport sector like Dublin Bus and Luas have led to knock on claims in services sector. this reduces profits of businesses in services industry

Question 10

trends in primary sector

Answer 10

•modernisation
•brexit
•changes in consumer demand
•increased regulation

Question 11

modernisation
(trends in primary sector)

Answer 11

•EU offers grants to farmers to modernize their farming methods & machinery
•can help increase quality and quantity of farm output it

Question 12

brexit
(trends in primary sector)

Answer 12

•amount of fish allowed to catch in UK waters down by 25%
•reduced fish catches and income for Irish fishing fleet

Question 13

changes in consumer demand
(trends in primary sector)

Answer 13

•many farmers have begun to produce organic and GMO-free products to cater for changes in consumer demand
•helps increase farm income and profits

Question 14

increased regulation
(trends in primary sector)

Answer 14

•stricter EU regulations and quotas have been introduced to prevent overfishing
•reduces fishing incomes, led to increased number of fishing industry workers quitting

Question 15

challenges for tertiary sectors

Answer 15

•e commerce - poor use of websites for selling to consumers, poor access to broadband esp in rural areas
•commercial rates- charged to businesses by local authorities, small local retailers pressure to compete w/larger
•wage demands

Question 16

benefits of indigenous firms

Answer 16

•employment - tend to be more labour intensive, may be more stable than that provided by TNCS
•loyalty- more loyal, likely to remain in Ireland
•profit distribution- re invest profits in ireland, spend within the economy
•local benefits- buy raw materials & services from local businesses, help increase sales of irish businesses