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Discuss the importance of the categories of industry to the current Irish economy. - Leaving Cert Business - Question 2(A) - 2017
Question 2(A)
Discuss the importance of the categories of industry to the current Irish economy.
Worked Solution & Example Answer:Discuss the importance of the categories of industry to the current Irish economy. - Leaving Cert Business - Question 2(A) - 2017
Step 1
Primary (Extractive):
Answer
The primary sector is essential for the Irish economy as it includes crucial activities such as agriculture, forestry, fishing, and mining. These industries not only provide raw materials required for other sectors but also contribute significantly to exports. Agriculture, in particular, has a longstanding cultural and economic significance in Ireland, supporting rural employment and sustainable practices.
Step 2
Secondary (Manufacturing/Construction):
Answer
This sector encompasses a variety of industries, including electronics, food processing, chemicals, and pharmaceuticals. The secondary sector is vital as it transforms raw materials into finished products, creating value and contributing to the GDP. The development of physical infrastructure, such as roads and bridges, enhances connectivity and boosts economic activities across the country.
Step 3
Tertiary (Service Industry):
Answer
The tertiary sector represents a significant part of the Irish economy, as it provides services such as public utilities, transport, distribution, tourism, and entertainment. This sector is increasingly important as it caters to both local and international markets, promoting consumer spending and job creation. Moreover, tourism, being a key component, attracts foreign revenue, thereby supporting economic stability.