Before exploring the creative industries and your country’s economy, it makes sense to consider what exactly we mean by the terms ‘industry’ and ‘economy’. An economy could be described as a system of consumer and business transactions, of goods and services produced and distributed; it includes various forms of wealth such as currency, stock and trade. An industry is made up of companies and businesses that deal in broadly similar goods, services or ideas.
Industries can be categorised as
• primary (extracting raw materials)
• secondary (processing materials or making products)
• tertiary (providing services) or quaternary (concerned with research and development).
In the chart below place the industries into the correct category:
Different countries have different economic and industrial strengths. Some countries rely on heavy industry whilst others rely on service industries and research and innovation to generate income for their economies. There is now a world market for all goods but does this lead to greater choice and more competitive prices for goods? There is also more attention paid to particular BRANDS which are known around the world.
Research Task: Innovation
1. Can you think of any companies from your country, products or ideas that are known and used in other countries? Make a list and compare with another individual or group.
2. What innovations have come out of your country in the last fifty years? List a range of key examples across at least three sectors.