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Ch19 Categories of Industry - Coggle Diagram
Ch19 Categories of Industry
State and explain the Factors of Production
Labour- Human effort used to produce goods and services
Capital- Any man made input used to make goods and services
Land- Naturally produced raw materials
Enterprise- using initiative to take on risk to combine fop to produce a profit
Challenges within each sector
Increased wage demands for employees (Tertiary)
Increased international competition (European Monetary Union)
Increase costs of production- rent, insurance, energy
Change in consumer taste- veganism
Weakening sterling- irish goods becoming comparatively more expensive
Brexit uncertainty-
Discuss the trends within each sector
Increase purchasing power of irish business as a result of a strong Euro vs sterling
Growth of AI & Automation
Increased protectionism
Inflation
Investment in solar and wind energy
Developments in sustainable tech (Primary)
Outline the 3 Sectors
Secondary- Processing of raw materials to produce finished goods (Manufacturing)- Construction
Tertiary- Service provision- Banking
Primary-fishing and mining- Extraction of Natural Resources