Investigate the divisions of production in the Bahamas and effect on the Bahamian Economy.
Define Production and its Economic sectors. Identify industries and examples of businesses in each sector.
Investigation of Primary Industries in the Bahamas, its role.
Investigation of Secondary Industries in the Bahamas and its importance.
Investigation of Tertiary Industries in the Bahamas.
Conclusion and analysis.
What is Production?
Production is the process of transforming raw materials, semi-finished goods, ideas and information into goods and services.
It is the Economic process that uses resources to create a commodity for exchange.
The producing of goods and services is a process and is carried out by way of the divisions of production.
There are different industries that produce goods and services that are broken down into sectors:
This sector of Production involves natural resources into primary products. Raw materials are produced by extracting from the earth or by growing.
Basic Examples of businesses in this sector include agriculture, fishing, mining and quarrying.
This sector deals with the processing and manufacturing of raw materials into finished or semi-finished products. Examples include producing steel, furniture, clothing, and automobiles.
This sector mainly involves providing services of all kinds to final consumers as well as businesses. This sector consists with major parts of an economy such as government, tourism, banking, insurance and many others.
Primary Industries in the Bahamas.
As previously stated, Primary Industries deal with producing raw materials from the earth’s natural resources.
The Primary Industries in the Bahamas include mainly fishing and agriculture. These industries however generate on small-scale production with...