What Are Industries?
What Are Industries?
Answer:
The industry is a category of active enterprises and organizations which produce or sell products, services, or sources of revenue. Industries are commonly categorized in economics as the primary industry, secondary industry and tertiary industry.
Types of industry
1. Primary industry
The field of the economy of a nation comprises forestry, agriculture, fishing, quarrying, mining and mineral extraction. It could be categorized into two types.
- Genetic industry – It includes all the production of raw materials which can be enhanced by human involvement in the development process.
- Extractive industries – It includes the development of exhaustible raw materials which can not be extended by cultivation.
The primary industry continues to dominate undeveloped and developing countries’ economies, but as secondary and tertiary sectors grow, their proportion of economic production tends to decline.
2. Secondary industry
The secondary industry sector(manufacturing industry) processes the raw materials supplied by primary industries and practises them into consumer products. Further procedures products that have been incorporated into product lines by specific secondary industries. Develops capital equipment used to produce customer and non-consumer products. The sector is further divided into,
- Large or heavy scale industry – It involves massive investment capital in plants and equipment, provides a vast and varied industry such as other industrial sectors, has a complex industrial organization and often a skilled specialist workforce, and produces a high quantity of production.
Examples – Steel & Iron manufacturing industry, petroleum refining sector, etc.
- Small or light scale industry – It may be distinguished by the nondurability of industrial products and a limited cost of capital in plant and machinery, which may include nonstandard items, such as personalized or design work.
Examples – Plastic manufacturing, textile industry, food processing etc.
3. Tertiary industry
In the tertiary industry sector, also known as the service industry, it involves sectors that provide services or economic costs or produce wealth while generating no tangible goods. In the free market and mixed economies, such sector typically has a mixture of government and private companies.
Examples – Real estate service, banking and finance service, communication services etc.
Answer:
The industry is a category of active enterprises and organizations which produce or sell products, services, or sources of revenue. Industries are commonly categorized in economics as the primary industry, secondary industry and tertiary industry.
Types of industry
1. Primary industry
The field of the economy of a nation comprises forestry, agriculture, fishing, quarrying, mining and mineral extraction. It could be categorized into two types.
- Genetic industry – It includes all the production of raw materials which can be enhanced by human involvement in the development process.
- Extractive industries – It includes the development of exhaustible raw materials which can not be extended by cultivation.
The primary industry continues to dominate undeveloped and developing countries’ economies, but as secondary and tertiary sectors grow, their proportion of economic production tends to decline.
2. Secondary industry
The secondary industry sector(manufacturing industry) processes the raw materials supplied by primary industries and practises them into consumer products. Further procedures products that have been incorporated into product lines by specific secondary industries. Develops capital equipment used to produce customer and non-consumer products. The sector is further divided into,
- Large or heavy scale industry – It involves massive investment capital in plants and equipment, provides a vast and varied industry such as other industrial sectors, has a complex industrial organization and often a skilled specialist workforce, and produces a high quantity of production.
Examples – Steel & Iron manufacturing industry, petroleum refining sector, etc.
- Small or light scale industry – It may be distinguished by the nondurability of industrial products and a limited cost of capital in plant and machinery, which may include nonstandard items, such as personalized or design work.
Examples – Plastic manufacturing, textile industry, food processing etc.
3. Tertiary industry
In the tertiary industry sector, also known as the service industry, it involves sectors that provide services or economic costs or produce wealth while generating no tangible goods. In the free market and mixed economies, such sector typically has a mixture of government and private companies.
Examples – Real estate service, banking and finance service, communication services etc.
