"The secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing."
An analysis of the strengths and weaknesses of different industrial sectors in the economy, and the potential for their development through targeted policies and investments.
Industrial Policy: This refers to the set of measures or strategies formulated by the government to promote specific industries within a country. The policies can encompass various areas like taxation, subsidies, regulations, trade, and investment.
Economic Development: It's the process by which a country improves the economic, political, and social well-being of its citizens through the utilization of resources to achieve sustainable growth.
Supply and Demand: It's the fundamental model of an economic market that determines prices for goods and services.
Trade Liberalization: It is a process of removing trade barriers like tariffs and quotas between countries to increase the flow of goods and services.
Globalization: This is the process of integrating economies, societies, and cultures through the free flow of goods, services, and capital across borders.
Productivity: It is the efficiency of production measured by the amount of output produced per unit of input.
Comparative Advantage: It refers to a country's ability to produce a particular good or service more efficiently than some other country due to several factors like natural resources, skilled labor, and technological advancement.
Cluster development: It is the formation of interdependent firms, institutions, and service providers that collaborate and compete, creating a dense network of complementary stakeholders in a particular industry.
Competition Policy: This set of laws and regulations aim to ensure fair competition among companies and prevent anti-competitive practices.
Innovation: This term broadly covers the development of new technologies, processes, products, or services that improve efficiency, productivity, and competitiveness.
Industrialization: It's the process of transforming an economy based on agriculture or other primary industries to one that is focused on manufacturing.
Infrastructure: It refers to the fundamental facilities and systems essential for the operation of a country or an economy, such as transportation, energy, communication, and water supply and sanitation.
Human Capital: It refers to the knowledge, skills, and abilities that individuals possess, which makes them productive and valuable to society.
Environmental Policy: This covers the set of strategies and regulations that aim to protect the environment from unsustainable and harmful practices that impact ecosystems, natural resources, and public health.
Intellectual Property Rights: These are legal rights that protect the creations of inventors, artists, and authors from unauthorized use or reproduction by others.
Porter's Five Forces: This model analyzes the industry structure and competitive forces that affect the attractiveness of an industry in terms of profitability.
SWOT analysis: SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis identifies the internal and external factors affecting an industry.
PEST analysis: PEST (Political, Economic, Social, and Technological) analysis examines the macro-environmental factors affecting an industry.
Industry Life Cycle analysis: This model examines the different stages an industry goes through: Introduction, growth, maturity, and decline - and the strategies that can be adopted in each stage.
Cluster analysis: This model focuses on the geographic concentration of similar or related industries and their suppliers and buyers to create a competitive advantage.
Value Chain analysis: This model examines the activities and processes involved in the production and distribution of goods and services within an industry.
Market Segmentation analysis: This analysis identifies the different customer segments within an industry and the market opportunities and challenges they present.
Competitive Advantage analysis: This model focuses on the unique strengths and capabilities of a firm or group of firms within an industry that give them a competitive advantage.
Resource-Based View analysis: This model examines the resources and capabilities of a firm or group of firms within an industry and how they drive competitive advantage.
Innovation analysis: This analysis examines the innovation capabilities of an industry, including research and development, and the impact of new technologies on the industry.
"It encompasses industries that produce a finished, usable product or are involved in construction."
"The secondary sector generally takes the output of the primary sector (i.e. raw materials) and creates finished goods suitable for sale."
"The finished goods are distributed through the tertiary sector for sale to domestic businesses or consumers and for export."
"Examples include textile production, car manufacturing, and handicraft."
"Manufacturing is an important activity in promoting economic growth and development."
"Nations that export manufactured products tend to generate higher marginal GDP growth."
"Higher incomes generated by manufacturing support marginal tax revenue needed to fund government expenditures."
"Manufacturing is an important source of well-paying jobs for the middle class to facilitate greater social mobility."
"Currently, an estimated 20% of the labor force in the United States is involved in the secondary industry."
"The secondary sector depends on the primary sector for the raw materials necessary for production."
"Countries that primarily produce agricultural and other raw materials tend to grow slowly and remain under-developed or developing economies."
"The transformation of raw materials into finished goods reliably generates greater profitability."
"The greater profitability underlies the faster growth of developed economies."
"It also produces waste materials and waste heat that may cause environmental problems or pollution."
"They are often classified as light or heavy based on quantities of energy, factories, and machinery."
"The value added through the transformation of raw materials into finished goods reliably generates greater profitability, which underlies the faster growth of developed economies."
"Industries such as textile production, car manufacturing, and handicraft."
"Manufacturing provides well-paying jobs for the middle class, facilitating greater social mobility."
"Nations that export manufactured products tend to generate higher incomes and therefore marginal tax revenue needed to fund government expenditures."