Industry Flashcards
What is an industry?
Any business activity or commercial enterprise
What is the primary sector of industry?
The exploitation of raw materials from the earth
What is the secondary sector of industry?
The manufacturing of raw materials into finished products
What is the tertiary sector of industry?
The providing of services to individuals and businesses
What is the quaternary sector of industry?
The generation and sharing of hi-tech knowledge
What are the inputs of an industry?
The things required to make the product
What are the processes of an industry?
The events or activities that take place to make a produt
What are the outputs of an industry?
The finished product that is sold to a consumer
What is the capital (inputs of industry)?
Anything connected with wealth or money
What are the raw materials (inputs of industry)?
Unprocessed products used in industry
What is a weight gain industry (location of industry)?
An industry whose products get heavier in the manufacturing process e.g cars
Where is a weight gain industry likely to be located?
Near the marketplace
What is a weight loss industry (location of industry)?
An industry whose products get lighter in the manufacturing process e.g steel
Where is a weight loss industry likely to be located?
Near raw materials
What are advantages and disadvantages of Just-in-time manufacturing?
Ad: Little storage required and less likely to have out of date components
Dis: Need excellent communications with suppliers
What are advantages and disadvantages of Just-in-case manufacturing?
Ad: Never run out of components
Dis: Increase in storage cost, likely to have to throw out old components
What are footloose industries?
Usually tertiary or quaternary industries which aren’t tied to raw materials
What are perishable goods?
Products that go rotten quickly