Categories of Industry

Question 1

Name the factors of production

Answer 1

Land
Labour
Enterprise
Capital

Question 2

Explain land as a factor of production and name its reward

Answer 2

This comprises of everything supplied by nature (e.g land, forests, sea) to the development of businesses.
The physical land and other natural resources used to make products
ex: For tayto potaos would be “land”
Reward: Rent

Question 3

Explain labour as a factor of

production and name its reward

Answer 3

This refers all the human work that is needed to operate a business.
Human effort to make products
ex: bakers in a cake factory would be the “labour”
Reward: Wages

Question 4

Explain capital as a factor of production and name its reward

Answer 4

This is all the finance, machinery, equipment that is invested in the company by the investors.
The human -made goods used in the production process
ex: in cake factory the ovens are “capital”
Reward: interest & dividends

Question 5

Explain enterprise as a factor of production and name its reward

Answer 5

This is the human activity and initiative that is required for a business to succeed.
Skill of combining all factors to make a product
Involves person thinking of an idea, combining factors of production and taking the risk to set up a business to make a product
Eg: Joe Murphy provided “enterprise” for tayto
Reward: Profit

Question 6

Name the three categories of industry

Answer 6

Primary Sector – Natural based industries
Secondary Sector –
Construction sector and manufacturing industries
Tertiary Sector – Service industries

Question 7

Give the importance of the primary sector in Ireland

Answer 7

Employment
Major Consumers
Exports
Provider of Consumer Goods

Question 8

Explain the primary sector with examples

Answer 8

Consists of all businesses that are engaged in taking raw materials from nature. Also called extractive industries.
EX: Agriculture, Fishing, Forestry, Mining, Energy (oil/gas)

Question 9

Explain four changing trends and important issues in the primary sector in Ireland at the moment

Answer 9

Abolition of EU Quotas - irish farmers can sell more in emerging markets ex: africa, asia, south america
Less dependence on foreign oil - extracting our own natural resources. wind farms are now popular
Grants to encourage planting and maintaining of forests- has few forests, but with grant forestry on increase
Increase in the demand for organic food- farmers produce organic foods to cater for market. Farmers are capitalizing on Irelands green image ex: farmers markets

Question 10

Explain the manufacturing industry with an example

Answer 10

Manufacturing takes the output from the primary sector and changes it into a different finished product.
Made up of agri-businesses, indigenous firms, and transnational companies
Ex: A carpenter takes wood and makes it into furniture

Question 11

Explain an agri-business with example

Answer 11

Takes farm produce and turns it into food for consumption. ex: glanbia

Question 12

Explain an indigenous firm with example

Answer 12

Irish businesses, set up by Irish people to produce goods in Ireland ex: lily o’ brians

Question 13

Explain a transnational company with example

Answer 13

Foreign businesses that set up factories in Ireland to manufacture their products here. EX: dell

Question 14

Explain the importance of the manufacturing industry in Ireland

Answer 14

Employment- thousands of jobs. Less social welfare more payroll taxes, government have more money to improve the country
Exports - exports lots of product manufactured here. brings money in and manufacturing businesses and country are richer
Consumer of Raw Materials- buy output ofprimary industry and turn it into finished goods. provides income to primary sector ex: Tayto buys Irish potatos

Question 15

Give some changes in the manufacturing industry In Ireland

Answer 15

Competition from low wage economies
Reduction in energy costs
Increase in the use of machinery
Transnational manufacturing

Question 16

Explain the construction sector

Answer 16

This industry consists of all those businesses involved in designing, producing and maintaining the built infrastructure of the country.
Icludes those involves in building houses schools, roads etc
Badly affected by the economic downturn but growing again and creating more employment in Ireland.

Question 17

Explain what is the importance of the construction sector

Answer 17

Labour-intensive industry - More people than machine. provides thousands of jobs. With taxes on workers wages government have money to improve economy
Major consumer of raw materials- buy sand, gravel, wood from primary sector. Increases sales and profit of businesses in selling those products
Builds infrastructure - Builds roads, airports, ports etc essential for irish business to transport products

Question 18

Explain the trends in the construction sector in Ireland

Answer 18

Economic Growth / Shortage of Skilled Workers- in certain key trades since economic crisis, growing again so workers needed
Government investment - Allocate billions to new infrastructure projects. Boost the construction industry ex: linking the two luas lines in Dublin

Question 19

Explain the tertiary sector with examples

Answer 19

This sector is made up of all businesses that provide a service to consumers and other businesses.
Do not take things from nature or make a product
Also known as the ‘services sector’.
Ex: Lawyers provide a legal service offering expert legal advice and representation

Question 20

Explain the importance of the tertiary sector in ireland

Answer 20

Largest Employer in Ireland - employees pay taxes giving government more money to improve irelands economy by reducing taxes. improving infrastructure
Large Exporter- billion s euro worth exports (financial and software services). This improves balance of payments, makes country and service providers richer
Attracts Transnational Companies to Ireland - Irelands telecommunications and transport services play big role in this

Question 21

What are some trends in the tertiary sector in ireland

Answer 21

Thriving Financial Services Sector
Increase in Popularity of Discount Retailers e.g Dealz
Growth of Tourism Sector
Impact of Increase in Shopping Centres
Increase in Minimum Wage

Question 22

Explain employment as an importance of the primary sector to the economy

Answer 22

Creates a lot of employment
Less claims on social welfare and more people paying tax on wages
Government have more money to spend on imporving the country

Question 23

Explain consumer of irish products as an importance of the primary sector to the economy

Answer 23

Major consumer of Irish products and pumps money into the economy. ex: farmers buy large amount of farm machinery, fertilisers etc
Primary sector increases the profits of Irish businesses involved in selling these products

Question 24

Explain exports as an importance of the primary sector to the economy

Answer 24

Export massive amounts
Improves Irelands balance of payments
Brings a lot of money into the country
This money makes, farmers or energy workers and overall the country richer

Question 25

Explain provider of consumer goods as an importance of the primary sector to the economy

Answer 25

Some provide food for the country
There is a reduced need to import foreign items such as food
This improved balance of payments
Les money going out of country in foreign imports

Question 26

Explain Competition from low wage economies as a changing trend in the manufacturing industry

Answer 26

Can manufacture products more cheaply elsewhere so Irish manufacturers close down.
They close factory to move to lower wager economy
Ex: fruit of the loom closed its factory in donegal to move to morocco

Question 27

Explain Reduction in energy costs as a changing trend in the manufacturing industry

Answer 27

Price of oil has dropped- positive impact
Pay less energy costs to run the machines in factories
Lower costs means high profits making manufacturers more competitive

Question 28

Explain Increase in the use of machinery as a changing trend in the manufacturing industry

Answer 28

Becoming more capital intensive
Use more machines and less employees
Therefore fewer irish people now employed int he industry

Question 29

Explain Transnational manufacturing as a changing trend in the manufacturing industry

Answer 29

A lot of transnational manufacturing businesses have set up in Ireland to make products here and gain access to the EU market
Ex: dell makes computers in Ireland

Question 30

Explain Thriving Financial Services Sector as a changing trend in the services sector

Answer 30

Half the worlds top 50 banks and top 20 insurance companies are in the Irish financial services centre Dublin
Thousands of workers in IFSC

Question 31

Explain Increase in Popularity of Discount Retailers as a changing trend in the services sector

Answer 31

Massive growth since launch in 2011 Dealz has gone to open 60 stores or more in ireland and employs 1 and half thousand people
Aldi and lidl have 22 percent of the irish grocery market

Question 32

Explain Growth of Tourism Sector as a changing trend in the services sector

Answer 32

More international visitors to Ireland
Brexit has potential to reduce further growth in this sector
Ex: wild atlantic way proved a great success

Question 33

Explain Impact of Increase in Shopping Centres as a changing trend in the services sector

Answer 33

Retailers in town centre facing decrease in footfall with large suburban shopping centres
Expensive parking and fine and driving people out of town centres where many service sector businesses oeprate

Question 34

Explain Increase in Minimum Wage as a changing trend in the services sector

Answer 34

Minimum wage has continued to increase in recent years
Improvement in the economy also has workers seeking pay rises
Increases costs and lower profits