Chapter 23 - Categories of Industry

• factors of production - land, labour, capital and enterprise
• land - all natural resources that are used to provide goods and services
• labour - the human effort needed to provide goods and services
• capital - items used to produce goods and services
• enterprise - this is the factor of production that combines the other three factors and creates a business to provide goods and services
• the primary sector refers to the extraction of raw materials from the earth - farming, fishing, forestry and mining
• the secondary sector involves the transformation of raw materials into finished products - manufacturing, construction and agribusiness
• the tertiary or services sector includes firms that provide services to business and individual consumers - insurance, banking, tourism, education and health
• agribusiness refers to manufacturing businesses that make products using raw materials from agricultural sector
• aquaculture - breeding and harvesting plants and animals - shellfish, seaweed and farmed fish, in water environments
• GMO - a genetically modified organism is a plant and animal whose genetic structure has been altered in a laboratory
• the construction sector consists of all individuals and businesses involved in the design and construction of buildings
• benefits of sectors - employment, government revenue, food, exports and raw materials