Explain the term secondary sector - Leaving Cert Business - Question A - 2016

Another sector of the economy is the primary sector, which includes the extraction of raw materials, such as agriculture, fishing, and mining. Alternatively, the tertiary sector encompasses services like healthcare, education, and retail.

A multinational company is a corporation that has its operations and offices in multiple countries. This type of company engages in international business by having a head office in one country while maintaining branches or subsidiaries in various other countries. Such organizations aim to leverage global resources and markets.

Intel is an example of another multinational company.

1. Low Corporation Tax: Ireland's corporation tax rate of 12.5% is attractive to companies because it allows them to retain more profits compared to countries with higher tax rates.

2. English-Speaking Country: Ireland is predominantly English-speaking, which facilitates smoother communication and business operations for international companies seeking to enter the European market.

1. Limited Liability: Shareholders are only required to invest what they put into the company; they are not personally liable for the company's debts.

2. Easier Access to Finance: As a plc, Apple can raise capital from the public through the sale of shares, which can help to fund expansion and other business initiatives.

1. Increased Employment: Economic growth often leads to more job creation, which reduces unemployment and raises the standard of living for individuals.

2. Higher Government Revenue: As businesses thrive and employment increases, government tax revenues also rise, which can be used to improve public services and infrastructure.