economic activity

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The production and distribution of goods and services to satisfy the wants and needs of consumers and other businesses. The many different activities that lead to the production of these goods and services are grouped into three broad categories – primary industry (extraction of raw materials, such as mining), secondary industry (manufacturing and construction), and tertiary industry (services). Recently, a fourth category has been added to these divisions, namely, ‘quaternary industry’, which includes the high-tech industries using computers and microelectronics, particularly those processing information.

In addition to the extraction of raw materials directly from the earth or sea, primary industry includes farming, fishing, mining, and forestry. Secondary industry, which covers the processing of raw materials and the manufacturing of goods, is subdivided into heavy, light, and footloose industries. Heavy industry involves the production of large, bulky items and includes activities such as steelmaking and shipbuilding; light industry covers products that are lightweight relative to their monetary value, such as watches and jewellery; while a footloose industry is one that is not tied to a particular place by factors such as raw materials or processing, but can be sited anywhere. The best location for an industry depends on many factors which vary according to the end product; these factors can be broadly divided into physical, human, and economic considerations. Physical factors include location and availability of raw materials, power and energy supplies, and a suitable processing site; human and economic factors include size, location, and availability of markets, transportation, and an adequate labour force (people available for work). Tertiary industry provides a service rather than a manufactured product, and includes areas such as government employment, banking and insurance, health and social welfare, shops and catering, garages and transport systems.

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