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Economic Sectors - Created by : David Welshman – HHM. How the marketplace is organized. Economic activity may be classified into various categories, according to purpose. When considering business ownership the classifications public & private are typically used.

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Economic Sectors - Created by : David Welshman – HHM


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how the marketplace is organized
How the marketplace is organized
  • Economic activity may be classified into various categories, according to purpose.
    • When considering business ownership the classifications public & private are typically used.
    • Also classified according to what type of economic good is produced. (primary, secondary, tertiary, quaternary)
business ownership private sector
Business Ownership: Private Sector
  • usually composed of organizations that are privately owned and not part of the government.
  • corporations (both profit and non-profit), partnerships, and charities.
  • retail stores, credit unions, & local businesses will operate in the private sector.
business ownership public sector
Business Ownership: Public Sector
  • composed of organizations that are owned and operated by the government (federal, provincial, or municipal governments, depending on where you live).
  • educational bodies, health care bodies, police and prison services, and local and central government bodies and their departments
what is produced industry types
What is Produced: Industry Types
  • When looking at what is actually produced for us, it is important to distinguish between the main types of industries
  • Primary
  • Secondary
  • Tertiary
  • Quaternary
what is produced primary
What is Produced: Primary
  • This involves the extraction or harvesting of resources directly from the Earth
  • Includes the production of raw material and basic foods.
  • Examples include farming, mining and logging. (They do not process the products at all rather send it off to factories to make a profit).
local primary industries
Local Primary Industries

Voisey’s Bay Nickel Mine

Fishery (Traditional)

Hibernia offshore oil

CBP&P/ various sawmills

what is produced secondary
What is Produced: Secondary
  • This group is involved in the processing of finished products from primary industries
  • All of manufacturing, processing, and construction lies within this sector
  • This includes all factories—those that refine metals, produce furniture, or pack farm products such as meat.
local secondary industries
Local Secondary Industries

Country Ribbon Chicken

Fish Processing Plants

Vale Nickel Smelter (Long Harbour)

North Atlantic Refinery (Come by Chance)

local secondary industries1
Local Secondary Industries
  • Made Right Here….
  • NTV series hosted by Danielle Butt which provides brief profiles of local manufacturing companies and the products that they produce
  • http://ntv.ca/?cat=26
what is produced tertiary
What is Produced: Tertiary
  • Known as the service industry
  • provides services to the general population & to businesses
  • In 2005, over 75% of Canadians worked here
  • Examples include retail/wholesale sales, entertainment, education, health care, tourism, garages,
what is produced quaternary
What is Produced: Quaternary
  • Is service based like the tertiary sector, but it entails the use of high technology to produce, retrieve, store and distribute information.
  • Research & Development (R&D)
    • Using computers to develop information- processing software.
    • Using computers to analyze city traffic flows to provide information on suitable locations for new businesses.
local quaternary industries
Local Quaternary Industries
  • Hibernia invests12 million in MUN

simulators for survival craft

ROV tech/applications

a quick review
A Quick Review
  • http://video.about.com/geography/What-is-an-Economic-Sector.htm
  • We have been introduced to the idea of a 5th sector – the Quinary Sector (branching from the quaternary) – however, for the purposes of this course, it will not be necessary to pursue this further than knowing it is recognized.
slide16

The 4 Sectors of Industry are interrelated. An individual industry will often use more than one sector in order to produce products.

  • On the next slide we will see an example of how the four sectors relate together in the production of cotton clothes, part of the fashion industry.
slide17

COTTON IN THE FASHION INDUSTRY...

PRIMARY

Cotton is grown and picked on a cotton farm

slide18

COTTON IN THE FASHION INDUSTRY...

PRIMARY

Cotton is grown and picked on a cotton farm

SECONDARY

Cotton is processed to cloth, which is, in turn, sewn in to clothing.

slide19

COTTON IN THE FASHION INDUSTRY...

PRIMARY

Cotton is grown and picked on a cotton farm

SECONDARY

TERTIARY

Cotton is processed to cloth, which is, in turn, sewn in to clothing.

Cotton clothes (eg jeans, shirts etc) are sold in high street shops.

slide20

COTTON IN THE FASHION INDUSTRY...

PRIMARY

Cotton is grown and picked on a cotton farm

SECONDARY

TERTIARY

Cotton is processed to cloth, which is, in turn, sewn in to clothing.

Cotton clothes (eg jeans, shirts etc) are sold in high street shops.

QUATERNARY: Research is carried out in to new ways of processing or growing cotton. e.g. organic cotton.

slide21

Models and fashion shows: tertiary.

The entire fashion industry involves a great number of different products and services, all of which can be classified according to industrial sector...

slide22

Leather manufacture in a tannery: secondary

Models and fashion shows: tertiary.

The entire fashion industry involves a great number of different products and services, all of which can be classified according to industrial sector...

slide23

Leather manufacture in a tannery: secondary

A shoe factory in hanoi: secondary

Models and fashion shows: tertiary.

The entire fashion industry involves a great number of different products and services, all of which can be classified according to industrial sector...

slide24

Leather manufacture in a tannery: secondary

A shoe factory in hanoi: secondary

Models and fashion shows: tertiary.

The entire fashion industry involves a great number of different products and services, all of which can be classified according to industrial sector...

Sheep farming and sheering for wool production: primary

slide25

Leather manufacture in a tannery: secondary

A shoe factory in hanoi: secondary

Models and fashion shows: tertiary.

The entire fashion industry involves a great number of different products and services, all of which can be classified according to industrial sector...

Sheep farming and sheering for wool production: primary

Cosmetics research: quaternary

websites to visit
Websites to visit
  • Statistics Canada: http://www5.statcan.gc.ca/cansim/home-accueil?lang=eng
  • Industry Canada: GDP and Sectors
                  • http://www.ic.gc.ca/eic/site/cis-sic.nsf/eng/h_00013.html#vla2b to see the GDP associated with various sectors
  • GDP (gross domestic product) – measure of economic activity for a period of time. GDP is useful to analyze in that it can help identify trends, and therefore opportunities for new

ventures.