Classifying a business: Industries Flashcards
What is an industry sector?
Industry sectors divide businesses into the types of activities they undertake. When businesses are involved in similar types of production they are grouped together
in what is referred to as an industry.
what is the primary industry?
The primary industry is made up of all the businesses involved in the collection of natural resources. Examples of these businesses include mining, farming fishing and forestry.
what is the importance of the primary industry?
Although the primary sector only employs 4.7 percent of the labour force it’s role is essential because it provides all of our food requirements, and approximately 60 percent of all our exports come from these industries.
what is the difference between industry and sector?
Industries are referring to the smaller and more specific groups that make up the sector. For example farming is one of the industries that make up the primary sector.
what is the secondary industry?
The secondary industry includes all those businesses that took the output of the primary sector (raw materials) and process it into finished or semi-finished products. For example iron ore, coal and limestone are turned into steel - a semi finished product that is then used to manufacture cars. examples of industries include construction, textile and clothing and food.
what is the importance of the secondary industry?
The secondary industry creates the goods from the raw materials extracted from the primary industry. Meaning without the secondary industry their would be no goods or services to sell, no ingredients would be able to be turned into food and wood couldn’t be turned into floors.
what is the tertiary industry?
The tertiary industry involves people performing a vast a range of services for other people. examples include retailers, dentists, solicitors, banks, museums and health workers.
what is the quaternary industry?
the quaternary industry includes all services that involve the transfer and processing of information and knowledge. examples of this include; telecommunication, property, computing, finance and education.
what is the quinary industry?
the quinary industry includes all services that have traditionally been performed in the home. examples include; hospitality, tourism, craft-based activities and childcare. It also includes unpaid work, etc human services.
