Categories of Industry - Business Revision Notes
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- Categories of Industry are divided into three groups
- Primary Sector: extractive.
- Secondary Sector: manufacturing and construction.
- Tertiary Sector: services.
- This is taking raw materials from nature. It involves processes such as agriculture and forestry. Example: foresters cutting down trees for wood.
- Workers pay taxes such as PRSI and PAYE which increases the government’s income. This can be used to improve infrastructure, public services etc.
- Primary industries consume a lot of Irish products so they pump money into the economy. They buy various tools required to carry out their work. Example: Fishermen need nets and boats to go fishing.
- They export raw materials. This improves Ireland’s balance of payments.
- The primary sector also provides food for the Irish population such as fresh vegetables and seafood. This reduces the amount of imports into the country.
- Quotas: limits implemented by the EU on fishing in Irish waters. This is to stop the depletion of the fish stock and also the over production of food.
- The demand for organic food is increasing. Many farmers are reducing their use of pesticides etc.
- The extraction of natural resources such as natural gas and wind energy is reducing our dependence on foreign oil. This is a positive development as oil is a finite resource that will run out.
- Many farmers are turning their land into forests. This is due to grants and tax exempti...