Question

What is meant by the term industry?

Answer 1

Industry refers to an economic activity that mainly deals with the production of goods like iron and steel industry, extraction of minerals like coal mining industry and the provision of services like tourism industry. The industry is mainly divided into three sectors as primary, secondary and tertiary sectors.

• Primary sector- This primary sector mainly extracts raw material such as mining and farming industries.
• Secondary sector- The secondary sector involves refining, construction, and manufacturing of the products.
• Tertiary sector- The tertiary sector is mainly concerned with services and distribution of manufactured goods.