Categories Of Industry

Question 1

Factors of production

Answer 1

All the resources people use to produce goods and services
• land
• labour
• capital
• enterprise

Question 2

Factor of production => land

Answer 2

All the natural resources that are used in the production process

Question 3

Factor of production => labour

Answer 3

The human input into the process of production

Question 4

Factor of production => capital

Answer 4

All manufactured items that are used in the process of producing goods and services eg tools

Question 5

Factor of production => enterprise

Answer 5

The entrepreneurs action in bringing the idea for a product or service together with the other factors of production and taking the risk of setting up a business

Question 6

Sectors of the economy/ categories of industry

Answer 6

• primary sector
• secondary sector
• tertiary sector

Question 7

Primary sector

Answer 7

Based on the extraction from nature of raw materials eg mining, agriculture and fishing

Question 8

Secondary sector

Answer 8

Uses raw materials to make other things through manufacturing and construction eg food processing, pharmaceuticals and building

Question 9

Tertiary sector

Answer 9

Provides the primary and secondary sectors and the public with a wide range of services

Question 10

Contribution of the primary sector to Irish economy

Answer 10

• represents 5% of Irish GDP and contributes hugely in terms of exports
• 8% of Irish employment
• fewer imports are needed

Question 11

Agriculture

Answer 11

The practice of farming plant crops or raising livestock

Question 12

Trends in the Agri industry

Answer 12

• global demand => commodities such as dairy and sugar are commanding higher prices on world markets as demand increases due to global population growth
• organic food=> continued growth is observed in organic food production, capitalising on Irelands green rep world wide

Question 13

Forestry

Answer 13

The practice of planting, managing, using and conserving forests and woodland for human and environmental benfit

Question 14

Trends in the forestry industry

Answer 14

• mores forests=> a target to expand from 10.7% to 18% of land area by 2046 is included in the national strategic plan for forestry
• renewable energy=> after wind energy, wood fuels are the largest contributor to renewable energy generation in Ireland. This will result in an increase in demand for wood fuels

Question 15

Fishing industry

Answer 15

Catching, processing and selling fish or fish products

Question 16

Trend in the fishing industry

Answer 16

Consumer demand for variety => consumer awareness of sustainability issues and demand for healthy food has risen and a willingness to purchase a wider variety of species and a visible

Question 17

Mining industry

Answer 17

The extraction of minerals and other valuable materials from the earth

Question 18

Trend in the mining industry

Answer 18

New technologies => offer Mining companies opportunities to become more efficient, boost production and cut costs while also making the work environment safer

Question 19

Indigenous firms

Answer 19

Irish-based businesses that have been established and are owned by Irish people

Question 20

Transnational companies

Answer 20

Businesses that have headquarters in one country and branches in other countries eg google

Question 21

Contribution of the secondary sector to the Irish economy

Answer 21

• manufacturing industry=> 2nd largest job creator, 250000 employees, 32% Ireland GDP ( European average 15%)
• construction industry=> 7% of GDP, employed 145000 in 2018

Question 22

Manufacturing industry

Answer 22

Takes raw materials from primary sector and processes them into finished products eg food products, electronics and computers, beauty products

Question 23

Agribusiness

Answer 23

Involves the manufacturing of agriculture products from raw materials such as livestock and crops to produce finished goods

Question 24

Construction industry

Answer 24

Involved in creating buildings and infrastructure

Question 25

Trends in the secondary sector

Answer 25

• pharma growth
• renewable electricity production
• sustainability

Question 26

Trend - pharma growth

Answer 26

The pharmaceutical industry is developing quickly in Ireland and there are numerous new jobs available with innovative companies eg MSD Carlow

Question 27

Trend- renewable electricity production

Answer 27

The government has committed to raising the amount of electricity generated from renewable sources from 32% in2018 to 70% by 2030

Question 28

Trend- sustainability

Answer 28

Globally, technology is changing agribusiness by helping it become more carbon efficient and to do more with less

Question 29

Contribution of the tertiary sector to the economy of Ireland

Answer 29

• 75% of employment
• 1.5 million jobs
• 56% of Irelands GDP

Question 30

Service categories in the tertiary sector

Answer 30

Public utilities - transport and distribution - communications - banking and financial - professional - catering - retail etc

Question 31

Trends in the tertiary sector

Answer 31

• thriving technology sector
• companies relocating from the Uk
• Increased domestic tourism

Question 32

Benefits of all industry’s for the Irish economy

Answer 32

1. Job creation
2. Spin-off businesses
3. Enterprise culture
4. Government revenue
5. Choice for consumer
6. Exports