C20: Categories of industry

1. C20: Categories of industry • The four factors of production/raw materials • Sectors of the economy • Problems of Agri-Business • How to improve secondary sector • Industries contribution to the Irish Economy • Recognise the importance of indigenous firms • Trends and importance of different sectors not covered in great detail.

2. The four factors of production • Land : mineral wealth, water, timber,coal, gas • Labour : human element in the production process • Capital: things man made e.g machinery, premises etc.. financed by shares,borrowings, or retained earnings/profits • Enterprise/Entrepreneur: person to set everything up.

3. Sectors of the Economy • The Primary sector • raw material extractive industries from land and sea e.g fruit, oil • Agriculture: milk and beef • Forestry: Collite state forest parks • Fishing: 16,000 people in Ireland • Mining: lead, zinc, bog, gypsum, anthracite • Most of above products get processed in the secondary sector

4. Explain the factors of production and the primary sector?

5. Problems of the Agri- Business Sector • Irish market is small - exports • Multiples: Retailers like Tesco hold the power these days - prices and costs • E.U: Deregulation allows takeovers of Irish firms • Irish whiskey now owned by Pernod Ricard • Innovative products e.g mars ice cream bars • Consumers changing needs and wants

6. The Secondary Sector • Manufacturing and construction sector • Agri-business: 38% of country income. Processing of Irish food beef, milk, beer etc. • Transnationals: discussed already • Indigenous firms: • set up in Ireland by Irish people • drives Irish economy, helped by enterprise Ireland, new skills followed, need to export to survive • loyalty to Ireland and sponsorships???

7. How can the Secondary Sector improve? • Quality, Efficiency, Innovation and Design • Marketing, R and D, Export, WCM • World Class Manufacturing includes • TQM Total Quality Management • Empowerment of workers • Quality processes

8. Quests • What are the probs of the agri business sector? • Explain secondary sector? • How can we improve it?

9. The Tertiary Sector • Services sector for home, industry and the primary sector. E.g. legal, accounting, financial, marketing, I.T, telecommunications and management services

10. Trends or changes • EU- land to forest • Organic foods. Information Technology/Communications and globalisation • Over reliance on the construction industry and now huge debts. • High wages and cost of doing business here is driving jobs to cheaper countries • More robots and computers • Large retailer e.g Tesco holding the power. • Exports holding there own. Also, IFSC (Irish Financial Services Sector) holds half the worlds banks and deals with investments over 500b euro.

11. Conclusion • Sectors of the economy are primary, secondary, tertiary, agri business and quaternary(Tech sector). • There are four factors of production land, labour, enterprise and capital. • Problems with agri-business consolidation, exports, consumers needs, deregulation and innovations. • The sec sector can improve quality, efficiency, innovation, marketing, R&D, Exports, Technology and new Management Techniques. • Trends in business

12. Quests • Four factor of production are?? • The sectors of the economy are??? • What are the problems with Agri-business? • How can our secondary industries improve? • How do industries contribute to the Irish economy? • Why are indigenous firms important? • What are the changing trends in all sectors?