Module 1 unit 5

Industry Overview

• Industries encompass various enterprises/businesses that create a wide range of goods and services.

• An industry is defined as a group of businesses producing the same principal good or service.

Classification of Industries

Broad Classification

• The economic activities can be broadly classified into three sectors:

  • Primary Sector: Involves raw material extraction (e.g., agriculture, mining).

  • Secondary Sector: Engages in manufacturing and construction activities.

  • Tertiary Sector: Focuses on providing services rather than goods.

Narrow Classification

• More detailed classifications can divide industries into thousands of branches, allowing for granular analysis of specific market segments.

Industries in the South African Economy

• South Africa's economy includes various key industries, such as:

  • Agriculture, Forestry, and Fishing: Encompasses activities related to food production and natural resource management.

  • Mining and Quarrying: Focuses on the extraction of minerals and raw materials from the earth.

  • Manufacturing: Involves the processing of raw materials into finished goods.

  • Electricity, Gas, and Water: Covers utility services provided to communities.

  • Construction: Involves building infrastructure and residential properties.

  • Wholesale and Retail Trading and Catering: Encompasses the sale of goods to consumers and food services.

  • Transport, Storage, and Communication: Involves the logistics and transmission of information and goods.

  • Finance, Insurance, Real Estate, and Business Services: Covers financial institutions, property management, and consulting services.

  • Community, Social, and Personal Services: Includes services that support social welfare and personal well-being.