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Business in the economy The term primary industry means, getting something directly from the earth or using the natural resources for business. E.g. farming or mining etc. The term secondary industry means using raw materials to make products for business, example of secondary industry; turning dairy into milk to produce cheese. The term tertiary or service industry means providing jobs and services for other people, like banking, window cleaning etc. The large coal mining and steel making industries in south Wales have now almost disappeared and new jobs and business have taken over it. Jobs like Hitachi and a biscuit making company, which are secondary industries have taken over the old coal business. The Market Economy - Supply and Demand When goods are in short supply and the demand for it is high, then the price goes up because when goods are in short supply consumers are prepared to pay more for goods...

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