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LC Bus Cat of Ind

Leaving Cert Business: Categories of Industry

QuestionAnswer
Categories of Industry Primary, Secondary, Tertiary
Primary Sector is a category of industry based on the natural resources of a country such as agriculture, forestry, fishing, mining, energy (Extractive).
Natural resources industries based on natural resources - agriculture, forestry, fishing, mining, energy, scenic landscape
Agriculture those engaged in animal husbandry and dairy most common practices
REPS Rural Environmental Protection Scheme
Forestry mainly Coillte, important for employment, raw materials, tourism (nature trails, forest walks)
Fishing includes fish processing as well as those involved in catching fish.
TAC Total Allowable Catch (quota set to deal with depletion of stocks)
Mining Ireland has wide selection of metal & mineral deposits, majority is exported (leading exporter of lead & zinc)
Quarrying produces raw materials for construction industry
Energy natural gas & turf
Secondary Sector This sector takes raw materials, processes raw materials and produces finished goods (Manufacturing & Construction)
Manufacturing Converting raw materials into finished goods
Manufacturing sector includes pharmaceuticals, chemicals, food & drinks. Carried out by 3 groups - indigenous firms, TNCs and agribusiness
Indigenous Firms set up & owned by Irish people in Ireland,
SMEs small-medium enterprises
TNCs Transnational Companies. Head off ice in one country & manufacturing plants in many countries
Agribusiness Agriculture itself plus agriculture-related businesses.
PLC Public Limited Company
Construction Industry building infrastructure, industrial buildings, houses & apartments
Infrastructure roads, railways, tunnels, motorways, schools, hospitals etc provides industries with services.
Tertiary Sector the largest sector in Ireland in terms of employment (Services Sector). Includes finance, tourism, leisure, catering, retail, wholesale, distribution, communications, education & health
Factors of Production Land, labour, capital and enterprise. They are what is needed by a business in order to produce either goods or services
Land Anything which is provided by nature e.g. sea, rivers, oil, gas
Labour Human effort or activity
Capital anything man made in running of a business
Enterprise brings together other factors of production to start a business
Rent Reward from Land
Wages Income from Labour
Interest Income from Capital
Profit Income from Enterprise
Identify the trends and challenges facing the primary sector. Declining EU Payments (Common Agriculture Policy) • Small farm sizes • Diversification (organic farming, forestry, biofuels) • Consumer concerns (cow disease, chemicals) • Climate change • Depletion of fishing stock • Need for greater energy independence.
Identify the trends and challenges facing the secondary sector. Employment (automation, robotics) • High labour costs • Relocation of operations (lower cost countries) • Economic fluctuations (construction sensitive) • Irish agribusiness firms are small ( Econ of Scale)• unpredictable weather • Ireland's green image
Importance of indigenous firms. They export (brings money and jobs) • Growth potential (become TNC's) • Create Employment • Linkages (using Irish raw materials/supplies) • Profits repatriation • Loyalty to Ireland (economic stability)
Trends and challenges facing indigenous firms. Declining of traditional manufacturing (as a result of low-cost competition) • Emergence of indigenous Irish high-tech firms • European market (easier to take over of indigenous firms) • Niche marketing ( to compete need to find a niche)
Importance of TNC's in Ireland Exports (90% of Irish exports non-Irish TNC's) • Directly employ (highly-skilled) & indirectly employ (services/suppliers) • Taxes • Benefit communities (economic activities) • Raise labour skills • Manufacture what we would not do traditionally
Why do TNC's locate in Ireland? Low rates of corporation tax • Free access to EU markets • Availability of grants (IDA) • highly educated and skilled workforce • traditionally low levels of industrial unrest • A stable economic and political environment.
Identify the trends and challenges of TNC's for the economy. High labour and other costs • Global competition for FDI • Poor infrastructure • Energy supply risks • Availability of highly skilled workforce • Investment in R & D • No loyalty by TNC's • Poor linkages • Profit repatriation
Created by: MrFromholz
 

 



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