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Economic Sectors - Created by : David Welshman – HHM

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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  1. Economic Sectors - Created by : David Welshman – HHM

  2. 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)

  3. 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.

  4. 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

  5. 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

  6. 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).

  7. Local Primary Industries Voisey’s Bay Nickel Mine Fishery (Traditional) Hibernia offshore oil CBP&P/ various sawmills

  8. 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.

  9. Local Secondary Industries Country Ribbon Chicken Fish Processing Plants Vale Nickel Smelter (Long Harbour) North Atlantic Refinery (Come by Chance)

  10. 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

  11. 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,

  12. Local Tertiary Industries

  13. 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.

  14. Local Quaternary Industries • Hibernia invests12 million in MUN simulators for survival craft ROV tech/applications

  15. 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.

  16. 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.

  17. COTTON IN THE FASHION INDUSTRY... PRIMARY Cotton is grown and picked on a cotton farm

  18. 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.

  19. 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.

  20. 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.

  21. 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...

  22. 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...

  23. 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...

  24. 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

  25. 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

  26. So which are these do you think?

  27. 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.

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