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Industry
The categories of industry
Term | Definition |
---|---|
Primary Sector | is a category of industry based on the natural resources of a country such as agriculture, forestry, fishing, mining, energy. |
Coillte | the commercial state company which owns more than half the forests in Ireland |
Quota | a limit on the quantity of fish which can be caught |
Fracking | a controversial mining technique involving taking gas from shale |
Secondary Sector | This sector takes raw materials, processes raw materials and produces finished goods. |
AgriBusiness | not just farming but the processing and marketing of farm produce. |
Services Sector | the largest sector in Ireland in terms of employment |
Land | is anything provided by nature, used in the creation of wealth. E.g. Forests, Sea. It earns rent. |
Labour | any human effort, both physical and mental, used in the creation of wealth. E.g. factory workers. It earns wages. |
Capital | is anything man made used in the creation of wealth, i.e. used in the production process, e.g. machinery. It earns interest. |
Enterprise | Enterprise brings the other three factors of production together and organises them in order to create wealth. |