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Outline the categories of industry in the Irish economy - Leaving Cert Business - Question 2(A) - 2008
Question 2(A)
Outline the categories of industry in the Irish economy. In the case of one of these, describe its contribution to the economy.
Worked Solution & Example Answer:Outline the categories of industry in the Irish economy - Leaving Cert Business - Question 2(A) - 2008
Step 1
Categories of Industry
Answer
In the Irish economy, the categories of industry are generally divided into three main sectors:
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Primary Industry (Extractive): This includes agriculture, forestry, fishing, and mining. These industries are responsible for obtaining natural resources that serve as the foundation for further production.
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Secondary Industry (Manufacturing/Construction): This sector encompasses activities involved in transforming raw materials into finished goods. Examples include food processing, electronics, chemicals, pharmaceuticals, building, and the development of physical infrastructure such as roads and bridges.
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Tertiary Industry (Service Industry): This category includes services rather than goods. It covers public utilities (e.g., electricity and gas), transport, communications, distribution, financial services, tourism, and entertainment.
Step 2
Describe Contribution to the Economy from One Category
Answer
Let’s focus on the Tertiary Industry. This sector plays a vital role in the Irish economy by:
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Job Creation: The tertiary sector is a significant employer in Ireland, providing services that require a wide variety of skills, thus generating substantial job opportunities.
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Economic Growth: Services such as banking, tourism, and entertainment contribute significantly to GDP. Tourism, in particular, represents a large percentage of revenue, attracting both domestic and international visitors.
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Investment Attraction: The service industry is a magnet for foreign direct investment (FDI), particularly in sectors like technology and finance, bolstering the economic landscape.
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Infrastructure Development: A robust tertiary sector necessitates and encourages the development of infrastructure, which in turn supports other sectors like transportation and logistics.