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Industry

The categories of industry

TermDefinition
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.
Created by: jennymarshall