Industries of business

Question 1

Define Primary Industry and give examples

Answer 1

> Those involved in the first stage of development of products
Harvest natural resources later used to manufacter products
Large amounts of capital required for research equipment & Machinery
Automation reduces need for labour

Question 2

Define Secondary Industry and give examples

Answer 2

> Manufacture raw materials into finished products
Technology innovations has led to automation with computer assisted design
Production is increasing using fewer workers
E.g -Gold & Silver ores manufactured into jewelry
-Crude oil is refined into gasoline, machine oil & plastics
-Wheat is milled into flour & baked into bread and cookies

Question 3

Define Tertiary industry and give examples

Answer 3

> Provides services to consumers & other business
Often involves selling & or using products made from the secondary industry
They are rapidly expanding and creating more job oppurtunities
Due to advances in technology, an aging population, busy consumers, consumers demand for higher quality services