Questions and Answers
What percentage of the Irish workforce is employed in the tertiary sector?
Which factor has contributed to the pressure on small local retailers?
What is one of the effects of the growth in e-commerce on retail outlets?
Which of the following describes a negative impact of Brexit on Irish firms?
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How has automation influenced the workforce in specific sectors?
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What has been a significant trend in technology accessibility in rural areas?
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What challenge is faced by service firms due to high employment rates?
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Which is a consequence of skill shortages in Ireland?
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What is one of the driving factors behind the growth of e-commerce?
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What government strategy is in place to improve technology accessibility in Ireland?
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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.
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Description
Test your knowledge on the different categories of industry, including the primary, secondary, and tertiary sectors. Learn about the importance of the primary sector and its role in providing essential raw materials for manufacturing. This quiz covers essential concepts related to natural resource-based industries.
