Categories of Industry short answers

Questions and Answers

What percentage of the Irish workforce is employed in the tertiary sector?

Approximately 75%.

What is the impact of poor technology accessibility on e-commerce in rural areas?

It prevents many businesses and citizens from effectively using e-commerce platforms.

How do high commercial rates affect small local retailers?

They place significant pressure on small retailers to compete with larger ones.

What two main impacts has Brexit had on firms operating in Ireland?

It has led to some firms relocating to Ireland and created trade barriers for exports to the UK. Signup and view all the answers

In what way has the labor market in Ireland influenced service firms' profits?

Labour shortages allow workers to demand higher wages, reducing profits for service firms. Signup and view all the answers

What effect has the growth of e-commerce had on retail outlets in rural towns?

Many retail outlets have closed due to inability to compete with large online retailers. Signup and view all the answers

What negative consequence has automation had on employment?

It has led to unemployment in sectors like banking and transport due to machines replacing workers. Signup and view all the answers

What trend regarding highly skilled Irish workers is observed with the reopening of global borders?

Highly skilled Irish workers, such as doctors and nurses, are emigrating for better opportunities. Signup and view all the answers

What is a significant goal of the National Broadband Plan?

To improve technology accessibility for e-commerce in rural areas. Signup and view all the answers

How has Brexit affected exports of goods and services?

It has introduced trade barriers and customs complications for exports to the UK. Signup and view all the answers

Study Notes

Categories of Industry

Three main sectors: primary, secondary, and tertiary.

Primary Sector

Encompasses natural resource-based industries, including farming, forestry, fishing, and mining (3FM).
Extracts wealth from land and sea, providing essential raw materials for manufacturing.

Importance of Primary Sector

Supplies raw materials for industries, such as food processing ingredients and timber for construction.
Represents approximately 4.5% of jobs in Ireland as of 2022.
Contributes to exports, improving Ireland's balance of payments by exporting massive amounts of raw materials.
Reduces reliance on imports by providing vital food resources domestically.
Supplies renewable energy through wind and solar power, reducing dependence on imported fossil fuels.

Trends in Primary Sector

Increasing investment in renewable energy technologies, such as wind turbines and solar panels on farms.
Rise in veganism affecting demand for traditional meat and dairy products.
Price pressures from large supermarkets compelling farmers to reduce beef prices, leading to lower profit margins.
Removal of EU milk quotas in 2015 resulted in increased milk output and dairy farms.
Heavy reliance on direct payments from the EU could threaten farm viability if reduced.
Brexit introduced economic uncertainty, impacting agri-food exports, especially beef to the UK.
Trade agreements with Canada and Japan bolster food exports.
Government funding for forestry enhances environmental support and carbon reduction efforts.
Growth in organic food production boosts agricultural exports due to Ireland’s natural image.
Restrictions on selling turf and certain fuels in 2022 led to industry closures.

Secondary Sector

Processes raw materials from the primary sector into finished goods, encompassing manufacturing, agri-business, and construction.

Importance of Secondary Sector

Creates both direct and indirect employment, stimulating the Irish economy and generating tax revenue.
Significant exporter of finished goods, improving balance of payments.
Reduces imports by supplying vital manufactured products domestically.
Utilizes local raw materials for finished goods production.
Attracts Foreign Direct Investment (FDI) particularly in pharmaceuticals, chemicals, and technology sectors.

Trends in Secondary Sector

Increasing demand for grass-fed whey products for various food applications.
Automation and robotics shift labor skills needed and reduce some job opportunities.
Rising operational costs due to higher minimum wages and overheads impacting competitiveness.
Construction sector growth correlates with economic expansion, leading to labor shortages and rising property prices.
Continued growth in the pharmaceutical sector, with major global companies operating in Ireland.

Tertiary Sector

Provides services rather than producing goods, supporting both primary and secondary sectors.
Covers banking, transport, communications, retail, entertainment, and healthcare.
Employment in the sector constitutes approximately 75% of the Irish workforce.

Importance of Tertiary Sector

Acts as a support service, providing essential legal, financial, and management services.
Delivers vital public services and business needs, including IT support for online operations.

Trends in Tertiary Sector

Limited access to technology inhibits rural businesses from utilizing e-commerce.
High commercial rates challenge local retailers against larger competitors.
Brexit impacts operational adjustments for businesses and trade with the UK.
Labor shortages lead to increased wage demands, affecting profit margins.
E-commerce growth contributes to the decline of physical retail outlets, especially in rural areas.
Automation replaces certain job roles, contributing to unemployment in areas like banking.
Global mobility attracts skilled professionals abroad, creating local skill shortages.

Description

Explore the primary sector of the economy, which includes industries based on natural resources such as farming, forestry, fishing, and mining. This quiz highlights its importance in providing raw materials for manufacturing and its impact on employment in Ireland.