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TOPIC 1: THE INDUSTRY - Coggle Diagram
TOPIC 1: THE INDUSTRY
What is Industry ?
An industry is economic activities performed by people, and organizations in producing goods and services for sale.
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.
Example:
- Telecomunication Industry (TM, MAXIS, CELCOM)
- Education Industry (UITM, UKM, TAYLOR COLLEGE, UTP)
- Media & Entertainment (ASTRO, TV3, RTM, ETC)
- Food Industry (NESTLE, ADABI, GARDENIA, RESTAURANTS, ETC)
Categories:
- Heavy or Light
- Domestic or Foreign
- Durable or Non-Durable
- Manufacturing or Construction Industries
- Heavy Industry sector would have much higher capital requirement for a business to set up
- Light Industry sector would have much lower capital requirement for a business to set up
- 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 & Aviation
- Non-Durable sector produces goods that usually do not last very long, require immediate consumption, & are perishable. EG: GOOD
- Manufacturing Industries are those that produce final consumption EG: FOOD
- These are the products that end up in the customer's hands for consumption EG: FOOD
- Some manufacturing companies that produce intermediate goods
Goods to be used by other companies to produce final consumption goods EG: LOGGING
4 ECONOMICS SECTOR
Primary Sector
- Which includes agriculture, mining and other natural resource industries
- Extracts natural materials and provides raw materials for secondary industry
Agriculture
Agriculture is 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. This includes logging firms, manufacturers who use raw timber products
- 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
- Any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products
- Any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products
Secondary Sector
- Covering manufacturing, engineering and construction
- Processes raw materials or semi-finished goods into more valuable products
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
- Refers to industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value addition
- This sectors deals with production that process or reprocess industrial and agricultural raw materials
Tertiary Sector
- For the service industries
- Is the provision of services
Activities in the servoces sector include:
- Retail
- Banks
- Hotels
- Real Estate
- Education
- Health
- Social Work
- Computer Services
- Recreation
- Media
- Communications
- Electricity, Gas
- Water Supply
Quarternary Sector
- For intellectual activities involving education and research
- Related to application, manipulation and transmission of information
- Finance
- Insurance
- Healthcare
- ICT Services
Example of Industries:
ECONOMIC SECTOR
Economics Deals
- With production, exchange and consumption of various commodities (supplies) in economic systems
- It shows how limited resources can be used to increase wealth and human welfare
Economic
- Its a study of economics activities which consists of production, consumption and distribution of goods and services
- Where the organization can fulfill their unlimited wants through limited resources
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