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LC Bus Cat of Ind
Leaving Cert Business: Categories of Industry
| Question | Answer |
|---|---|
| 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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