Categories Of Industry Flashcards
Factors of production
All the resources people use to produce goods and services
• land
• labour
• capital
• enterprise
Factor of production => land
All the natural resources that are used in the production process
Factor of production => labour
The human input into the process of production
Factor of production => capital
All manufactured items that are used in the process of producing goods and services eg tools
Factor of production => enterprise
The entrepreneurs action in bringing the idea for a product or service together with the other factors of production and taking the risk of setting up a business
Sectors of the economy/ categories of industry
• primary sector
• secondary sector
• tertiary sector
Primary sector
Based on the extraction from nature of raw materials eg mining, agriculture and fishing
Secondary sector
Uses raw materials to make other things through manufacturing and construction eg food processing, pharmaceuticals and building
Tertiary sector
Provides the primary and secondary sectors and the public with a wide range of services
Contribution of the primary sector to Irish economy
• represents 5% of Irish GDP and contributes hugely in terms of exports
• 8% of Irish employment
• fewer imports are needed
Agriculture
The practice of farming plant crops or raising livestock
Trends in the Agri industry
• global demand => commodities such as dairy and sugar are commanding higher prices on world markets as demand increases due to global population growth
• organic food=> continued growth is observed in organic food production, capitalising on Irelands green rep world wide
Forestry
The practice of planting, managing, using and conserving forests and woodland for human and environmental benfit
Trends in the forestry industry
• mores forests=> a target to expand from 10.7% to 18% of land area by 2046 is included in the national strategic plan for forestry
• renewable energy=> after wind energy, wood fuels are the largest contributor to renewable energy generation in Ireland. This will result in an increase in demand for wood fuels
Fishing industry
Catching, processing and selling fish or fish products
Trend in the fishing industry
Consumer demand for variety => consumer awareness of sustainability issues and demand for healthy food has risen and a willingness to purchase a wider variety of species and a visible
Mining industry
The extraction of minerals and other valuable materials from the earth
Trend in the mining industry
New technologies => offer Mining companies opportunities to become more efficient, boost production and cut costs while also making the work environment safer
Indigenous firms
Irish-based businesses that have been established and are owned by Irish people
Transnational companies
Businesses that have headquarters in one country and branches in other countries eg google
Contribution of the secondary sector to the Irish economy
• manufacturing industry=> 2nd largest job creator, 250000 employees, 32% Ireland GDP ( European average 15%)
• construction industry=> 7% of GDP, employed 145000 in 2018
Manufacturing industry
Takes raw materials from primary sector and processes them into finished products eg food products, electronics and computers, beauty products
Agribusiness
Involves the manufacturing of agriculture products from raw materials such as livestock and crops to produce finished goods
Construction industry
Involved in creating buildings and infrastructure
