Industry In Economics

The Primary Industry
Industry In Economics

The Primary Industry

- by Abigail Martinez

What is the primary industry? The term primary industry refers to the work of people involved in industries that produce goods and services that are derived from the world’s natural resources. This category includes mining, forest products, fishing, and farming. Increasingly, countries are moving away from primary industries and relying more on other types of manufacturing. For example, Ethiopia accounts for 88% of its employment in farming and fishing, while only 2% is in the secondary sector. Primary industries also include mining, construction, forestry, fishing, and building homes.

Natural resources

The role of NRBIs in facilitating industrial diversification often hinges on the development of local supplier industries. However, the methods used to extract natural resources may not work in other locations, as in the case of agriculture. The reaper used in the United States would not be applicable in a British landscape, for example. The soil type, climate, irrigation and drainage, seed selection, and even the use of fences and hedges will all depend on local conditions.

Mining

The mining industry is one of the oldest in the world, and it traces its roots back to the Stone Age. It has evolved to its present form, and plays an essential role in controlling the growth of the economy. Today, it is one of the most lucrative sectors of the world economy, with Middle Eastern countries achieving incredible growth thanks to the extraction of oil. However, the industry is not all about profit. In fact, mining is a necessary component of all other industries, including construction, energy, and electronics.

Forest products

Globalization has significantly impacted the forest industry, making it highly competitive. In many Asian countries, market structures play a significant role in resource allocation, production and distribution of forest products. These structures affect the competitiveness and operating efficiency of firms. …

The Primary Industry Read More
How the Car Manufacturing Industry is Reacting to the Recent Economic Downturn
Industry In Economics

How the Car Manufacturing Industry is Reacting to the Recent Economic Downturn

- by Abigail Martinez

How big is the car manufacturing industry in Australia? What is the state of the car industry? Car manufacturing is a key sector in the economy of both Western Australia and New South Wales, supporting thousands of jobs. Over the last few years, the number of vehicles on the road has declined, however as the economy recovers car manufacturing is expected to grow strongly through to the future.

Manufacturing in Western Australia consists of two types of industries, High-value Manufacturing (HVMM) in Perth and Mild Steel in Western Australia’s Low Income Industry (LSI). In both cases, the main components manufactured are from locally produced steel and aluminum, with other components such as motor parts coming from worldwide sources. However, the majority of components in these factories are manufactured in China and India. There has been a dramatic increase in the number of vehicles on the road in recent years, but this has not helped the automotive industry to develop sustainable employment levels, nor created a high level of real local employment.

The Number of New Car Sales

The decline in the number of new car sales has had the desired effect on the employment figures for both Western Australia and New South Wales, but the picture is much worse in the rest of Australia. Between the Northern Australia Motor Vehicle Industry (NAMPV) and The Australian Motor Industry (AMDI), the decline in new car sales has had the most negative impact on employment levels, with the industry’s employment figures falling by almost 25%. While the overall level of industry employment has slightly risen, it is nowhere near what it was fifteen years ago, and the net result is a loss in employment compared to the level of new industry growth.

The car manufacturers are not the only businesses affected by the …

How the Car Manufacturing Industry is Reacting to the Recent Economic Downturn Read More
Understanding the Meaning of Industry in Commerce
Industry In Economics

Understanding the Meaning of Industry in Commerce

- by Abigail Martinez

What is the meaning of industry in commerce? It is a question often asked, and often not understood. Many people think that it is some abstract or mysterious concept, but I assure you that it is anything but. The meaning of industry in commerce is simply defined as the conduct of business affairs.

What Do You Mean By Commerce?

What do you mean by industry in commerce when you say that it refers to any type of business activity involving production, distribution, and marketing. The definition of what is commerce has been used since the beginning of the nation. For example, it was considered a wonder for England’s merchants to conduct trade with everyone else since they all traveled through England on horseback. Today, we have all of those same functions being performed by trucking companies, computer firms, steel producers, and coal mining companies, just to name a few.

What is the meaning of industry in commerce today?

It is so important in our modern society that we often take it for granted. We rarely take the time to stop and think about what it means, what it does, and why it is so important to all of us. That is unfortunate because it is an essential part of the American economy. Without commerce, there would be no money, and without money, there would be no jobs.

What is the meaning of industry in commerce today? The meaning of industry in commerce is that which facilitates money movement, and the movement of money within a community. For example, the stock market is a means of money circulating throughout the community, creating value for those who hold shares in the stock and creating a loss for those who do not. Money is also used as a form of payment, a way …

Understanding the Meaning of Industry in Commerce Read More
German Business - Wrinkles and Debate
Industry In Economics

German Business – Wrinkles and Debate

- by Abigail Martinez

Are German business executives more likely to frown than to smile? Will an international business meeting with Germany turn into a debate? When negotiating with Germany, you must first understand the cultural characteristics that make them so serious and so successful.

Germany emerged as the European leader in driving growth. Some countries have achieved many things in the field of international business. There are companies that avoid Germans believing them too suddenly; too possible to argue; and too skeptical. Some consider other European countries to be friendlier and easier to do business.

Perception is not necessarily reality

A smile is overvalued. For more than five years, I worked for German executives. They are excellent negotiators and outstanding drivers of international business. With a better understanding, the cultural issues behind German business behavior, meetings, relationships and opportunities will increase.

Here are some concepts of German business culture:

Germany remains on schedule. This is a culture that is disturbed when the train is one minute late. Timeliness is in their DNA. Meetings will begin and end on time, no matter how sudden it might appear;

The German business expression is, “Dienst ist Dienst und Schnapps ist Schnapps,” or work is work and drink is drink. In other words, there is a clear line between German business executives and personal life. Some small talk creeps up on their personal discomfort, so they tend to reduce it;

Most German executives have a high sense of humor

After laughing, their smiles quickly faded. Sitting in public with a grin on your face looks strange, like there are several types of mental problems. This is a common trait in many European countries, not only Deutschland;

Germany asks a lot of direct questions, and emerges quickly to enter business debates. In Germany, questions and debates tend to …

German Business – Wrinkles and Debate Read More
Industry In Economics

Tourism Economics

- by Abigail Martinez

Industry In EconomicsInfant Industry Theory promotes an economic policy that protects young industries in less created economies till they turn out to be established, financially stronger, and capable of withstanding competitive pressures. It investigates a number of empirical subjects in industrial organisation and competitors policy, building on the theoretical insights supplied by Industrial Economics I. Subjects include things like collusion, predatory behaviour, value discrimination, bundling, item differentiation, vertical restraints, mergers and merger simulation, entry and industrial concentration and effectiveness of competition policy.

In very exceptional situations, students may perhaps take this course without the need of EC400 provided they meet the needed needs and have received approval from the course conveners (through a face to face meeting), the MSc Economics Programme Director and their own Programme Director.

Years later, in the late 19th and early 20th centuries, the U.S. steel business was granted protection from international competitors via tariffs and quotas that kept other steel producers out of the U.S. industry, allowing the U.S. steel sector to dominate its personal domestic marketplace and to compete efficiently in international markets.

A appear at the possible annual earnings for majors in Economics shows that, with a bachelor’s degree, for instance if you decided to pursue your degree in Economics with a concentration in Finance, the annual salary that you could anticipate in your 1st year would be about $45,000, whereas a degree basically in promoting would earn you only $36,000 annually.

As far as which liberal economists the GOP may possibly possibly cut funding for, the answer is elementary: reduce all funding for, say, behavioral economists, as, let’s face it, the political implications of most behavioral economists are largely left-wing (for behavioral economics analysis pretty much generally tends to indicate that individuals do not behave rationally and for that reason cannot be trusted to …

Tourism Economics Read More