Explain demand and resources based industries
Answers
Answer:
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Explanation:
Resource-based industries were defined as industrial forestry groups, large-scale agricultural groups, port and marine industry groups, and utility groups. This stakeholder category was designed to capture the private major land holders and resource users in Florida.
In simple terms,resource based industries are the main providers of the main factor/inputs of resources of production which assists the production process of the entire economy.
Demand based industries refers to the industrial sectors which are heavily contingent on the factors/inputs or resources provided by the resource based industries to produce final goods and services which are sold to final consumers.
Explanation:
In an economy,the resource based industries are considered as the main producers,manufacturers or providers of the factors/inputs or resources of production which are subsequently used by other industrial sectors and contribute to the production of goods and services in the entire economy.In this regard,much of the industries or occupations belonging to the primary economic sector can be considered as resource based industries such as fisheries/fishing,mining,agriculture,forestry and so forth.These industries are the major sources of productive resources and raw materials which support the secondary economic sectors and the production process of the entire economy.
Demand based industries,on the other hand, are mainly supported by the resource based industries as the major source or provider of essential factors/inputs or resources of production which assist in the production of various goods and services.Some of the examples of demand based industries include manufacturing,pharmaceuticals,cosmetics,vehicle industry and so on which mostly belong to the secondary sector of the economy.