Question

classification of industry

Answer 1

Industry classification. Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.

Answer 2

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Industries➫ The production of goods or related services within an economy.

♦ The major source of revenue of a group or company is the indicator of its relevant industry.

♦ When a large group has multiple sources of revenue generation it is considered to be working in different industries.

➧ Industries are Classified into:-
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[1] Raw Materials:-
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❱ Agro-based industries: These industries use plants and animal-based products as their raw materials.

❱ Mineral based industries: Mineral-based industries are based on mining and use mineral ore as raw material.

❱ Marine-based industries: Marine-based industries use raw materials from sea or ocean.

❱ Forest-based industries: These industries use raw materials from the forest like wood.

[2] Size :-
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❱ Small-scale industries: It have less capital and technology invested in them. There is often manual labour noticed here.

❱ Large-scale industries: Large scale industries are the exact opposite of small-scale industries.

[3] 0wnership :-
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❱ Private sector: Private industries are businesses that are owned and operated by an individual or group of individuals.

❱ Public sector: Public industries are owned and managed by the government.

❱ Joint sector industries:These industries are jointly operated by the state and individuals.

❱ Cooperative sector industries: Cooperative industries are operated by the suppliers, producers or workers of raw material. 

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