Business Basics 8S February 12, 2021

Objectives 1. Students should be able to accurately define traditional and contemporary industry2. Students should be able to identify 2 examples of businesses that are more traditional and 2 examples of industries that are more contemporary. Handout There are two classifications of industries, traditional industries and contemporary industries. These industries rely on different methods of productions to produce their good and or service. The method of production used, sometimes provide a clue as to the classification of industry.Paragraphs below contain information on the classification of industries.Traditional industryThis refers to those industries that places greater emphasis on the use of human labour to produce their good or services. It is normally linked to labour intensive production.Contemporary industryThis refers to those industries that places greater emphasis on the use of technological advancement and machines to produce its goods and services. It is normally linked to capital-intensive production Define Traditional Industry Define contemporary industry Give an example of 2 businesses that are contemporary in nature Give an example of 2 businesses that are traditional in nature