Lecture Notes: Introduction to Industries

Instructor: Mrs. Turner Beam

Date: Morning Session

Objectives

• Define the term "industry."
• Differentiate between primary, secondary, and tertiary industries.
• Evaluate the importance and role of ordinary industries today.

Key Topics Covered

1. Introduction to Industries

• Definition: Industries involve the manufacturing, making, and selling of goods and services.
• Types of Industries:
  • Primary (Extractive) Industries
  • Secondary (Manufacturing) Industries
  • Tertiary (Service) Industries
  • Quaternary (Research & Development) Industries

2. Review of Previous Lesson

• Factors in Operating an Industry:
  • Physical Factors
  • Human and Economic Factors
• Key Considerations:
  • River valleys and flat areas were essential due to lack of transportation.
  • Cost considerations for bulky, fragile, heavy, or perishable items.
  • Importance of labor quality and quantity.
  • Power supplies needed for machinery.
  • Market size and location importance.
  • Entrepreneurs and capital requirements.
  • Proximity to raw materials for bulky items.

3. Industry Examples

• Primary Industries:

  • Examples: Agriculture, Fishing, Forestry, Mining, Salt Making.
  • Notable Areas: Bahamas (BAMSI for agriculture), salt in Inagua.

• Secondary Industries:

  • Examples: Construction, Bakeries, Food Processing.
  • Processes: Converting raw materials to finished goods, e.g., cotton to cloth.

• Tertiary Industries:

  • Examples: Teaching, Banking, Tourism, Legal Services, Catering.
  • Importance: Provides services without physical products.

• Quaternary Industries:

  • Focus on intellectual services like research and development.
  • Example: University of The Bahamas.

4. Importance of Industries

• Economic Impact:
  • Primary industries extract and provide raw materials.
  • Secondary industries transform materials into products.
  • Tertiary industries deliver services and economic stability.
  • Quaternary industries drive innovation and advancements.

5. Activities

• Matching Activity:
  • Match industries to their correct sector (Primary, Secondary, Tertiary).
  • Example: Farming (Primary), Furniture Making (Secondary), Teaching (Tertiary).

Conclusion

• Industries play a critical role in the economy by producing goods and services.
• Each industry sector has specific characteristics and contributions to economic development.
• Participation and understanding of industries help prepare for economic challenges and opportunities.

Reminder: Review your notes and ensure you understand the key concepts and differences between industry types. Use this summary to prepare for upcoming discussions and exams.

Next Session: Scheduled for Friday. Make sure to review material and be prepared for participation.