Categories of Industry - Business Revision Notes

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Contents

Categories of Industry 4

Primary Sector 4

Importance of the Primary Sector to the Economy 4

Changing Trends 4

Secondary Sector 4

Importance of Manufacturing to the Economy 5

Changing Trends 5

The Construction Industry 5

Importance of the Construction Industry to the Economy 5

Changing Trends 5

Tertiary Sector 6

Importance of the Tertiary Sector to the Economy 6

Changing Trends 6

What are the Four Factors of Production? 6

Categories of Industry

  • Categories of Industry are divided into three groups
  1. Primary Sector: extractive.
  2. Secondary Sector: manufacturing and construction.
  3. Tertiary Sector: services.

Primary Sector

  • This is taking raw materials from nature. It involves processes such as agriculture and forestry. Example: foresters cutting down trees for wood.

Importance of the Primary Sector to the Economy

  • 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.

Changing Trends

  • 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...

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