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

Business in the economy.

Extracts from this document...


Business in the economy The term primary industry means, getting something directly from the earth or using the natural resources for business. E.g. farming or mining etc. The term secondary industry means using raw materials to make products for business, example of secondary industry; turning dairy into milk to produce cheese. The term tertiary or service industry means providing jobs and services for other people, like banking, window cleaning etc. The large coal mining and steel making industries in south Wales have now almost disappeared and new jobs and business have taken over it. Jobs like Hitachi and a biscuit making company, which are secondary industries have taken over the old coal business. The Market Economy - Supply and Demand When goods are in short supply and the demand for it is high, then the ...read more.


When the company is not making enough profit they shut down they old business and run a new business and those who were employed for the old business, would get sacked or replaced by those who are good at the new business. One quarter of a million people once worked in the south Wales coal industry in 1917. Now there are very few because the demand for coal has declined and the reason for this is that companies are competing with each other, they reduced the price of their coal. The use of coals in people�s houses is reduced because people now use electricity rather that coal. these people who have lost their jobs feel very angry and disappointed, some are now too old to get another job and others have nothing else to do especially the young ones, who only hang about, doing nothing. ...read more.


What can Government do? The aim of the Cardiff Bay Development Corporation is to provide jobs for those who once worked in the mines that provide jobs for those who once worked in the mines that have now closed down and those who have no work, it is a very successful company and is supported very much by its workers. The only way? Some people think that there are things wrong with the Market Economy. They think that it doesn�t fulfil others needs and wants and the workers don�t get paid enough. So they have suggested a planned economy and say that it is better, they think that this way they will be able to find out what people want and need more, and what they need to make more of to meet others needs. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics 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 GCSE Economy & Economics essays

  1. Free essay

    Globalisation & changing career patterns

    For example, although China is deemed as one of the world's economic powerhouses, it is talked of alongside much smaller economies with a great deal less resources, such as Tunisia. Both China and Tunisia belong to this category because both have embarked on economic development and reform programs, and have

  2. Scarcity and Unlimited Wants.

    + (Cost to other people) = (Cost to everyone) Economies of Scale These occur when mass producing a good results in lower average cost. Economies of scale occur within an firm (internal) or within an industry (external). Internal Economies of Scale These are economies made within a firm as a result of mass production.

  1. Global Business Plan.

    customers requirements through measurable quality improvement, cost reduction, and on time delivery of products and services, while achieving profitable growth and increasing share holder value." Through strong leadership backed by decades of solid experience, A, K, L, and R Air Conditions continues to lead the world in delivering quality, innovations, and automotive solutions.


    The twelve Regional Electricity Boards were transformed into twelve independent Regional Electricity Companies -RECs- which had the control upon the reorganized transmission area called the National Grid company (Howe, 2001). Offer was the regulator of the industry and its purpose was to protect the customers' interest.

  1. Changes in the business environment and their impacts on business strategies.

    Although nationalisation of corporate resources is now less pf a threat,(Iraq, Iran, China and other third world nations aside) political impropriety can at the very least result in heavy taxation or fines and negative press. These can result in a loss of customer confidence and therefore sales.

  2. Chinese economy sets for soft landing in 2005.

    Additionally, SOEs are enhancing their scientific and technological capabilities. Li noted that SOEs have often suffered because they had "too many mothers-in-law" telling them what to do. "If you leave them alone, then they will do better." For SOEs to become internationally competitive, they must make key strategic adjustments, said

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