Categories of Industry short answers

Study Notes

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

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.

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.

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

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.

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.

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.

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.

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.