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TOPIC 1: THE INDUSTRY - Coggle Diagram
TOPIC 1: THE INDUSTRY
What is industry?
- An industry is an economic activity performed by people, and organizations in producing goods and services for sale.
Example of Industries:
- Telecommunication industry - TM, Maxis, Celcom
- Education industry - UITM, UKM, Taylor College, UTP
- Media and entertainment – Astro, TV3, RTM etc
- Food industry – Nestle, Adabi, Gardenia, Restaurants, etc
Industry Category:
- Heavy or light
- Domestic or foreign,
- Durable or non-durable,
- Manufacturing or construction industries.
- Heavy industry sector would have much higher capital requirements.
- Light industry sector would have much lower capital requirements.
- Domestic industries are those that are located within its borders (country) .eg: Proton
- Foreign sectors are those that are not located within a country (oversea) eg: Microsoft
- Durable industry is one that produces goods that last a long time. Eg: the automobile and aviation
- Non-durable sector produces goods that usually do not last very long, require immediate consumption, and are perishable.eg: Food
- Manufacturing industries are those that produce final consumption goods.
Economic Sector
- Its a study of economics activities which consists of production, consumption and distribution of goods and services.
Economic Deals
- With production, exchange and consumption of various commodities (supplies) in economic systems.
Economic Resources
- Economic resources is the factors used in producing goods or providing services
Economic Resources Category
- Human (Labor and management)
- Capital (Financial)
- Land (machinery, buildings)
- Technology (infrastructure).
- Natural resources eg: raw materials, fish, oil etc
4 Sectors of The Economy
- Primary sector
- Secondary sector
- Tertiary sector
- Quaternary sector
Primary Sector
Agriculture
- An activities involve with
- 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.
Forestry
- a collective of companies and organizations concerned with forest management and use of forestry resources.
- and companies concerned with the certification of environmentally friendly products and supplies.
Fishing
- any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products
Mining
- 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 industrial minerals such as potash, limestone, and other crushed rocks.
Secondary Sector
Construction
- a high hazard industry that comprises a wide range of activities involving construction, alteration, and/or repair.
- Examples include residential construction, bridge erection, roadway paving, excavations, demolitions, and large scale painting job
Manufacturing
- with objects that are themselves already the products of labor.
Quaternary Sector
- Finance
- Insurance
- Healthcare
- Ict services
Tertiary Sector
- retail
- banks
- hotels
- real estate
- education
- health
- social work
- computer services
- recreation
- media
- communications
- electricity, gas
- water supply