TOPIC 1
THE INDUSTRY
WHAT IS INDUSTRY
An industry is economic activities performed by people, and organizations in producing goods and services for sale.
Example :
Telecommunication industry
Education industry
Media and entertainment
Food industry
TM, Maxis, Celcom
Astro, TV3, RTM
UITM, UKM, Taylor College, UTP
Nestle, Adabi, Gardenia, Restaurants
CATEGORIES
domestic or foreign
durable or non-durable
heavy or light
manufacturing or construction industries
higher capital requirements for business
lower capital requirements for business
located in country - proton
located in oversea - microsoft
produces long lasting products - automobile (car) / aviation (flight)
produces do not long lasting products - food
produce final consumption products - end up in customer's hands (food)
Some manufacturing produce intermediate product-logging
ECONOMIC SECTOR
definition
economics activities which consists of production, consumption and distribution of goods and services.
economic resources
factors used in producing products or providing services
land - machinery & buildings
capital - financial
Technology - infrastructure
Human - labor & management
natural resources - raw materials/fish/oil
4 sector
primary sector
tertiary sector
quaternary sector
secondary sector
includes agriculture, mining and other natural resource industries;
Extracts natural materials and provides raw materials for secondary industry
manufacturing, engineering and construction;
processes raw materials or semi-finished goods into more valuable products.
service industries,
is the provision of services
intellectual activities involving education and research
related to application, manipulation and transmission of information
Mining/Fishing/Farming/Oil
Manufacturing/Construction/Durables/Non-Durables
Banking/Insurance/Tourism/Distribution
Primary industry
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.
FISHING
with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products
Fishing is one of the earliest forms of human production.
FORESTRY
a collective of companies and organizations concerned with forest management and use of forestry resources. (logging firms, manufacturers who use raw timber products)
MINING
search for, extraction, beneficiation, and processing of naturally occurring solid minerals from the earth.
coal, metals such as iron, copper, or zinc, and industrial minerals such as potash, limestone, and other crushed rocks.
Oil and natural gas extraction is not included in this industry.
Secondary industry
CONSTRUCTION
a high hazard industry that comprises a wide range of activities involving construction, alteration, and/or repair.
residential construction, bridge erection, roadway paving, excavations, demolitions, and large scale painting job
MANUFACTURING
industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value addition.
metals; chemical and petrochemical products; machinery and equipment; wood products, paper, and pulp; cement and other construction materials; light industrial products; and foodstuffs. Enterprises that repair industrial products are also included.
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TERTIARY
🚩involve the provision of services to businesses as well as final consumers.
QUATERNARY
⛔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
retail
electricity, gas
recreation
media
computer services
hotels
education
water supply
communications
real estate
banks
social work
health
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
ICT SERVICES
The convergence of the telecommunications industry
FINANCE
businesses that manage money
HEALTHCARE
treat patients with curative, preventive, rehabilitative, and palliative care
health insurance
liability insurance
life insurance
First - healthcare equipment and services
Second - Produce biotechnology, pharmaceuticals, and miscellaneous scientific services