Podcast
Questions and Answers
An ______ is a collection of businesses that provide similar goods and services.
An ______ is a collection of businesses that provide similar goods and services.
industry
Industries play a critical role in economic ______, job creation, and innovation.
Industries play a critical role in economic ______, job creation, and innovation.
development
The ______ industry is an example of a production-based activity.
The ______ industry is an example of a production-based activity.
automobile
Industries rely on varying levels of ______ to improve production, cut costs, and enhance product quality.
Industries rely on varying levels of ______ to improve production, cut costs, and enhance product quality.
Signup and view all the answers
Capital-intensive industries, such as ______ production, require large initial investments.
Capital-intensive industries, such as ______ production, require large initial investments.
Signup and view all the answers
Industries are focused on meeting ______ demand by producing goods and services consumers need.
Industries are focused on meeting ______ demand by producing goods and services consumers need.
Signup and view all the answers
Effective management of the ______ chain is essential for efficient movement of raw materials, components, and finished goods.
Effective management of the ______ chain is essential for efficient movement of raw materials, components, and finished goods.
Signup and view all the answers
The ______ industry must follow strict health and safety regulations due to its products and processes.
The ______ industry must follow strict health and safety regulations due to its products and processes.
Signup and view all the answers
Flashcards
Industry
Industry
A collection of businesses providing similar goods and services.
Production-Based Activities
Production-Based Activities
Industries focus on producing goods/services by adding value to raw materials.
Use of Technology
Use of Technology
Industries rely on technology to improve production and product quality.
Capital Investment
Capital Investment
Signup and view all the flashcards
Labor and Employment
Labor and Employment
Signup and view all the flashcards
Market Orientation
Market Orientation
Signup and view all the flashcards
Supply Chain and Logistics
Supply Chain and Logistics
Signup and view all the flashcards
Regulation and Compliance
Regulation and Compliance
Signup and view all the flashcards
Study Notes
Industry Analysis
- An industry is a collection of businesses providing similar goods or services.
- Industries convert raw materials to useful goods, a vital role in economic growth.
- They are categorized by product type, processes, and markets served.
Features of Industry
- Production-Based Activities: Industries produce goods or services, often adding value to raw materials (e.g., manufacturing).
- Use of Technology: Technology improves production, cuts costs, and enhances product quality.
- Some industries rely heavily on technology, such as IT.
- Others rely less on advanced technology.
- Capital Investment: Industries often require substantial investments in machinery, equipment and infrastructure.
- Capital-intensive industries (e.g., steel) have higher initial costs compared to service-based industries.
- Labour and Employment: Industries provide employment opportunities.
- The type of labor (skilled or unskilled) varies per industry.
- Examples: IT (skilled software developers) and textiles (skilled/semi-skilled workers).
- Market Orientation: Industries aim to satisfy market demand.
- Some are consumer-focused (FMCG).
- Others are business-to-business (e.g. heavy machinery).
- Supply Chain and Logistics: Effective supply chains are essential for smooth flow of materials and goods between suppliers, manufacturers and markets.
- Industries like automobiles depend on global supply chains.
- Regulation and Compliance: Industries must adhere to governmental regulations (e.g., environmental, safety, labor).
- Industries like pharmaceuticals have strict standards.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the characteristics and importance of various industries in the economy. This quiz covers aspects such as production activities, technology use, capital investment, and employment opportunities. Test your knowledge on how industries contribute to economic growth.
