Types of Economic Activity Free Essays

Types of economic activities 1. Primary industry * First stage in the production process * Major employer in poor countries * Involves the exploitation of natural resources * Includes activities such as agriculture, mining, fishing and forestry * Products are of low economic value * Products are either food for human consumption (e. g. We will write a custom essay sample on Types of Economic Activity or any similar topic only for you Order Now fish) or raw materials for other economic activities (e. g. rubber for the tyre industry) 2. Secondary industry * Second stage in the production process * Also called the manufacturing industry Involves processing raw materials from the primary industry to add value to them * Products are of higher economic value than those of the primary industry * Output is either a final product (e. g. computer) or a part of the final product (e. g. microchip for the computer) 3. Tertiary industry * Involves the provision of services to companies or final consumers * Includes the financial services, health care, education and tourism sectors * Contributes more to the economy as a country becomes more developed * People are the main resource * Output is of high economic value Economic development in the Caribbean The capital city is usually the single prosperous core while the hinterlands are less prosperous * Large and successful industries tend to be located in and around the capital * The rural areas will have fewer and less successful or even declining industries * Governments have set up industrial estates in poorer areas to reduce the income disparity * Disparities in economic wealth between Caribbean countries have made integration difficult * Organisation of Eastern Caribbean States (OECS) is a small group formed within the CARICOM to help with the economic development of member states Measuring economic development . Gross Domestic Product (GDP) * Total market value of goods and services generated within a country over a given period 2. Gross National Product (GNP) * Total market value of goods and services generated by a country’s citizens, both domestically and overseas, during a given period Primary industry: Forestry * The art, science and practice of studying and managing forests and plantations, and related natural resources * Guyana and Belize have significant forestry industries * Trinidad and Tobago, Dominica, St Lucia and St Vincent also have substantial forest resources * Jamaica, Barbados and Haiti have almost epleted their forest resources Tertiary industry: Tourism * Provision of services to people who travel to and stay in places away from their place of residence for leisure purposes or otherwise * Generates income for a country through the sale of domestic goods and services to tourists and the employment of its people in tourism-related businesses * Major contributor to GDP * Accounts for more than 60% of the GDP in countries such as the Bahamas, Jamaica, Antigua and Barbuda, and the Netherlands Antilles Earns 90% of the foreign exchange for some countries Major tourist destinations in the Caribbean (2005) Destination | Total tourist arrivals | Destination | Total tourist arrivals| Anguilla| 62,084| Grenada| 98,244| Antigua Barbuda| 245,384| Guyana| 116,596| Aruba| 732,514| Jamaica| 1,478,663| Bahamas| 1,514,532| Martinique| 474,126| Barbados| 547,534| Montserrat| 9,690| Bermuda| 269,576| Puerto Rico| 1,449,785| British Virgin Islands| 337,135| St. Lucia| 317,939| Cayman Islands| 167,801| St. Vincent Grenadines| 95,505| Cuba| 2,319,334| Suriname| 144,899| Curacao| 222,070| Trinidad Tobago| 460,195| Dominican Republic| 3,690,692| US Virgin Islands| 697,033| Case study: Tourism industry in Jamaica Jamaica has a strong global presence * The country is noted for its excellent beaches such as Negril and Doctor’s Cave in Montego Bay. * It is also known for the Dunn’s River Falls, YS Falls, river rafting on the Rio Grande, cliff jumping at Rick’s Cafe and many other attractions. * Tourism earns the country up to US$970 million a year in foreign exchange * The industry is well developed compared to other Caribbean countries. Activities occur both day and night throughout the year with something to interest everyone. Physical factors influencing the tourism industry in Jamaica 1. Climate Warm and sunny throughout the year * Attracts people from cool temperate regions such as the northern parts of the US * Tourists can enjoy the beaches all year round 2. Natural resources * White sandy beaches * Clear seas rich with marine life * Beautiful scenery (e. g. Blue Mountains) * Lush vegetation * Wide variety of flora and fauna 3. Proximity to markets * Near to Canada, the US and Europe, which are where the bulk of the tourists come from * Travel to Jamaica is relatively cost-effective and time-efficient for t hese tourists Human factors influencing the tourism industry in Jamaica How to cite Types of Economic Activity, Papers