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THE INDUSTRY - Coggle Diagram
THE INDUSTRY
Example of Industry
Telecommunication industry - TM, Maxis, Celcom
Media and entertainment – Astro, TV3, RTM etc
Food industry – Nestle, Adabi, Gardenia, Restaurants, etc
Education industry - UITM, UKM, Taylor College, UTP
The Economic Sector
Economic
- Consists of production, consumption and distribution of good andf services.
- Organization can fulfill their unlimited wants through limited resources.
Economic Deals
- With production, exchanges and consumption of various commodities (supplies) in economic system.
- Show the limited resources can be use to increase wealth and human welfare.
4 sectors of the economyi. Primary sector
- Include agriculture, mining and other nature resource industries
- extracts nature materials and provides raw materials for secondary industry.
ii. Secondary sector
- Cover manufacturing, engineering and construction.
- Process raw materials or semi-finished goods into more valuable products.
iii. Tertiary sector
- For the services industries
- For the provision of services.
iv. Quaternary sector
- For intellectual activities involving education and research.
- Related to application, manipulation and tranmision of information.
Economic Activity
Activities in producing, distributing, or consuming products or services which involve money or the exchange of products or services.
Primary Industry
i.Agriculture
- Cultivating soil; planting; raising and harvesting crops; rearing, feeding, and managing animals.
- Aquaculture : Raising private aquatic animals (fish)
- Floriculture : Growing flowering plants
- Horticulture : Growing fruits, vegetables and plants.
ii.Forestry
- A collective of companies and organization concerned with forest management and use forestry resources
- Includes logging firms, manufacturers who use raw timber products
- Companies concerned with the certification of environmentally friendly product and suppliers.
iii.Fishing
Fishing industry
INCLUDES
- Any industry or activity concerned with taking, culturing , processing, preserving, storing, transporting, marketing or selling fish or fish products
Involves
- Catching, preparing and selling fish for consumer use.
- This industry starts with the fishmen out at sea on commercial fishing boats.
- Includes the landlocked countries that grow their own fish cultures for a means of harvesting.
iv.Mining
Mining industry consists of :
- The search for, extraction, beneficiation and processing of naturally occurring solid minerals from the earth.
- these mined minerals include coal, metals such as iron, copper, or zinc and industrials minerals such as potash, limestones and other crushed rocks.
- Old and naturals gad extraction is not included in this industry.
Secondary Industry
i.Construction
- A high hazard industry that comprises a wide range of activities involving construction, alteration and/or repair
- Example include residential construction, bridge erection, roadway paving, excavation, demolitions and large scale painting job.
ii.Manufacturing
- Involve in the manufacturing and processing of item and indulge in either creation of new commodities or in value addition.
- The sectors deals with production that process of reprocess industrial and agricultural raw materials.
Tertiary Industry
i.Service Industry
Involve the provision of services to business as well as final consumersActivities include :
- Retail
- Banks
- Hotel
- Real Estate
- Education
- Health
- Social Work
- Computer Services
- Recreation
- Media
- Communication
Tertiary sector become important because :
- Basic services like hospitals, education, post and telegraph, courts, etc. Are the responsibility of the government in developing countries.
- Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors.
- Demand for tourism, shopping, private schools, private hospitals, etc. Increases with the increase in the level of income.
- Rapid growth of services sector also benefitted from external demand such as software industry and call centre services.
- Financial sector provided an environment for faster growth of financial services.
Quaternary Industry
The quaternary sector is a knowledge-based part of the economy - which typically includes services such as information technology, information- generation and -sharing, media, and research and development, as well as knowledge-based services like consultation, education etci. Finance
- Encompasses a broad range of businesses that manage money.
- Including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer- finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises.
ii.Insurance
- Refers to a collection of companies that manage risk for individual health and property by promising to reimburse policyholders for losses in exchange for regular payments.
The industry is divided into three distinct segments:
- Life insurance
- Health insurance
- Liability insurance.
iii. Healthcare
- Also called as medical economy.
- Provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
- It includes the generation and commercialization of goods and services lending themselves to maintaining and re- establishing health.
iv. ICT Services
- The convergence of the telecommunications industry
- With the computing and broadcasting industries resulted in a broader definition of information and communications technologies (ICT).
- The integration of telecommunications (telephone lines and wireless signals) and computers, as well as necessary enterprise software, middleware, storage, and audiovisual systems, that enable users to access, store, transmit, and manipulate information.
- The term ICT is also used to refer to the convergence of audiovisual and telephone networks with computer networks through a single cabling or link system
- it covers any product that will store, retrieve, manipulate, transmit, or receive information electronically in a digital form (e.g., personal computers, digital television, email, or robots
An industry is economic activities performed by people, and organizations in producing goods and services for sale.
Industries are organized under different categories : i. Heavy or light
- Heavy industry sector would have much higher capital requirements for business set up.
- Light industry sector would have much lower capital requirements for business to set up.
ii. Domestic or foreign
- Domestic industry are those that located within its border (country) ; PROTON
- Foreign sector are those that not located within its border (oversea) ; MIRCOSOFT
iii. Durable or non-durable
- Durable industry is one that produces goods that last a long time ; THE AUTOMOBILE AND AVIATION
- Non durable sector produces goods that usually do not last very long, require immediate consumption and are perishable ; FOOD
iv. Manufacturing of construction industries
- Manufacturing industries are those that produces final consumption goods.
- These are the products that end up in the customers' hands for consumption. ; FOOD
- Some manufacturing companies that produces intermediate good.
- Goods to be used by other companies to produce final consumption goods. ; LOOGING
An industry is consists of a group of companies that are related based on their core business activities such as telecommunication, education, Media and entertainment, food etc.