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THE INDUSTRY (TOPIC 1) - Coggle Diagram
THE INDUSTRY (TOPIC 1)
An industry is economic activity performed by people, and organizations in producing goods and services for sale.
Industries are categories into:
heavy or light
have much higher capital requirements for a business to set up (heavy)
have much lower capital requirements for a business to set up (heavy)
domestic or foreign
domestic industries are those that are located within its borders (country)
foreign sectors are those that are not located within a country (oversea)
durable or non-durable
durable industry is one that produces goods that last a long time.
non-durable sector produces goods that usually do not last very long, require immediate consumption, and are perishable.eg
manufacturing
Manufacturing industries are those that produce final consumption goods.
4 Sectors of the Economy
Primary sector
Secondary sector
Tertiary sector
Quaternary sector
Primary industry
Agriculture
Agriculture Industry is always seeking to improve, by adopting new technologies.
Forestry
a collective of companies and organizations concerned with forest management and the use of forestry resources.
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.
Secondary Industry
Manufacturing
refers to industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value addition.
Construction
a high hazard industry that comprises a wide range of activities involving construction, alteration, and/or repair.
Service industry
Tertiary
The tertiary industry is involve the provision of services to businesses as well as final consumers.
Quaternary Industry
(a knowledge-based part of the economy)
Finance
encompasses a broad range of businesses that manage money
Insurance
refers to a collection of companies that manage risk
Healthcare
provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
Ict services
with the computing and broadcasting industries resulted in a broader definition of Information and Communications Technologies (ICT).