Chapter 18: Industries and Sectors of the Economy

Question 1

state and explain the four factors of production

Answer 1

LAND all the natural resources that give us the raw materials and energy needed for all business activity
LABOUR human work and effort needed to operate a business
CAPITOL anything man made in the running of a business
ENTERPRISE taking the risk and initative to combine the factors of production in the hopes of making a profit

Question 2

explain the 3 sectors of the economy

Answer 2

primary - the agriculteral aspect
seconday - construction and manufacturing industries
tertiary - service industries

Question 3

what 4 industries is the primary sector made up of

Answer 3

agriculture
forestry
fishing
energy supplies

Question 4

what 3 industries make up the secondary structure

Answer 4

construction
manufacturing
agribusiness

Question 5

what is agribusiness

Answer 5

manufacturing firms that use agriculteral produce as their main source of raw materials

Question 6

4 challanges facing agribusiness

Answer 6

vulnerable to takeovers
unpredictable weather
consumer health concerns
retail power

Question 7

what are the 2 sections within the tertiary sector

Answer 7

private and public

Question 8

challenges facing the tertiary sector

Answer 8

globalisation of services and information and communications technology

Question 9

challenges facing indigenous firms

Answer 9

decline of traditional marketing
european market
niche marketing

Question 10

what are FDI’s and what role do they play

Answer 10

FDI’s are transnational firms setting up facilities in ireland to produce goods and services for exports

• employment
• raise labour skills
• contribute taxes
• exports

Question 11

why do FDI’s set up in ireland

Answer 11

low corporation tax
free access to eu market
highly skilled workforce
low level of strikes.