• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Describe what is meant by Industry

Extracts from this document...

Introduction

Question: Describe what is meant by Industry Industry, the long-term changes in types and distribution of global economic activity. In everyday usage, the term "industry" refers to large manufacturing companies, such as the big multinational car companies. In this article a broader definition of industry will be used, which includes all economic activities, in all sectors, and groups them into three broad categories; primary, secondary, and tertiary. Types of Industry Primary Industries These are the industries responsible for the extraction of natural resources. They comprise agriculture, hunting, fisheries, forestry, mining, and quarrying. A distinction is often drawn between those primary industries concerned with renewable resources such as forests and those concerned with non-renewable ones, such as minerals. Secondary Industries Secondary industries engage in the manufacturing and production of goods. The word "secondary" implies that such companies are engaged in the second stage of economic activity. They use the natural resources of the primary industries (and possibly the goods of other secondary industries) to make products. Secondary industries include house-building and the manufacture of clothes, food processing, shoes, luggage, furniture, packaging, chemicals, metal products, machinery, electrical products, electronic products, computers, cars, trains, and aeroplanes. They also include utilities, which provide services such as gas, water, and electricity. Tertiary Industries Tertiary industries comprise those companies involved in services, as opposed to those providing an extractive or manufacturing function. ...read more.

Middle

After the Depression, the older-established industries resumed their growth. Recent Trends Since World War II the existing industries in the developed world have become much more sophisticated in their products and their manufacturing processes. Miniaturization is only one aspect of this sophistication. At the same time new technologies have encouraged the creation of many new industries, including jet aircraft, computers and electronics in general, satellites, nuclear power, new composite materials, carbon fibre, robotics, telecommunications, and data-processing equipment. In the latter half of the 20th century there have been continued developments in manufacturing, but also a shift in employment in the advanced economies away from secondary and towards tertiary activities. Higher levels of wealth in the developed world have encouraged the growth of many service industries, such as retailing, the hotel business, tourism and leisure services, and financial and business services. Over the past 20 years the most advanced economies have been forced to re-evaluate their position in the face of competition from newly industrializing economies. Many of the so-called Asian Tiger economies such as Hong Kong, Malaysia, and Singapore, recorded rates of economic growth that are two or three times those of developed countries over the decade 1985-1995. However, this does not mean that competition from the developing world is responsible for unemployment in the developed world. ...read more.

Conclusion

There is also the possibility that certain goods and services will have no appeal in other nations. This could be a result of, for example, the contrasting cultures of Western and Islamic nations. Future Prospects The 1990s may be the most significant of the century for growth in world trade. Much of the 20th century has been characterized by war, the threat of war, or economic depression. In contrast, in the 1990s there have been the completion of the fall of communism and the Uruguay round of GATT talks on free trade. This ended with the formation of the World Trade Organization, a development that should provide encouragement to future trade in goods and services. What is unique about the most recent developments is the speed and intensity of change. Across the globe larger and larger countries are industrializing and they are doing so at a faster rate. To take but a few examples, China maintained economic growth rates of 10 per cent per annum over the decade to 1996. If these rates of growth were to be maintained, then China would overtake the United States as the largest economy in the world before 2021. Moreover, countries such as India, South Korea, and Indonesia could also grow to join the ranks of the largest economies. However, in order to predict the identities of the future largest economies, many factors need to be considered-it is not enough simply to extrapolate present-day trends. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Production - Location & Change section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Production - Location & Change essays

  1. The Role and Importance of Agriculture In the Carribean. Organisations involved in its ...

    These farms usually produce a variety of crops or livestock or both crops and livestock for domestic use. In recent time medium sized farms are accessing export markets. Small Farms These farms are less than 0.5 hectares to a maximum of 2.5 hectares.

  2. What are the main characteristics of high-tech (high technology) industry? (b) Describe and explain ...

    of employment because undergraduates have been employed in a job that now demands 150,000 graduates but five years ago was a non-existent industry. The huge growth in India's call centre industry was highlighted as the British company Norwich Union announced they would be cutting 2,350 UK jobs relocating them, with the company receiving $20,000 for every job they move.

  1. Assignment on Computer Integrated Manufacturing

    The current characteristics of the world markets include higher competition, shorter product life cycles, greater product diversity, fragmented markets, variety and complexity, and smaller batch sizes to satisfy different customer profiles (Goldhar, 1992, cited in Nagalingnam and Lin, 1999). Thus companies are forced to try to capture different market segments by increasing product differentiation.

  2. Opportunities in the big emerging markets (BEMs) such as India, Brazil and China.

    A CFJV in China can be an exciting and profitable enterprise for interested companies, particularly those in the advance technology, construction and manufacturing industries. Laws concerning corporations and commerce are developing quickly and the legal environment for foreign investment has improved tremendously.

  1. Why is Africa the least economically developed continent in the World?

    Processing industries developed, as did ports and administrative centers. Despite the expansion of commerce and industry and the importance of these activities to the economy, most Africans remain farmers and herders. South of the Sahara, shifting agriculture was popular; a method in which small areas were burned, cleared, and planted

  2. "Can the theories that Alfred D. Chandler developed in his book 'Scale and Scope: ...

    (p.538, p.564) According to Chandler, this was the case because the Germans still had the relevant organizational capabilities that the Americans lacked and could not acquire through expropriation. Another example provides the Ford Motor Company that lost most of its first-mover advantage when Henry Ford depleted its organizational capabilities (p.207).

  1. How successful was Stalin's attempt to industrialise the Soviet Union?

    Even education was made free. However, in Leningrad, meat, milk and fruit consumption fell by 2/3rd between 1928-33. Alex Nove says that during the first years of the FFYP, there was a 'most precipitous decline in living standards known in recorded history.'

  2. with reference to 2 contrasting countries describe and explain differences in the energy mix

    The production of nuclear power was growing because it only needs comparatively small amount of sources and it produces a relatively high output. The growth, however, wasn?t quite significant because the built-up of a nuclear power plant require a lot of money and in most countries there are not many people who specialised in this area.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work