Classify the below given business into different types of industries. (i) Crude oil business (ii) Producing steel from iron are (iii) Cosmetics manufacturing (iv) producing computers (v) construction of dams. State them.
Answers
Industry
Commerce
Industry
The sector where raw material gets converted into useful products is called industry. Activities related to production & processing as well as activities related to rearing & reproduction of animals or other living species are all included in the industry. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products.
An industry may produce consumer goods or capital goods. Goods such as bread, butter, cloth, radio, etc. are consumer goods. These goods are directly used by the consumer. Goods such as machinery, cement etc. are called capital goods as these are used further in the production process to make useful products.
Industry can be classified into three broad categories.
Primary industry
Secondary industry
Tertiary industry
Answer:
(i) Crude oil business - Primary Industry
(ii) Producing steel from iron ore - Primary Industry
(iii) Cosmetics manufacturing - Secondary Industry
(iv) producing computers - Secondary Industry
(v) construction of dams- Secondary Industry
Explanation:
Primary Industry-
Agriculture, forestry, fishing, mining, quarrying, and mineral extraction all contribute to a country's economy.
It is divided into two categories: genetic industry and extractive industry.
Genetic industry includes the production of raw materials that can be increased through human intervention in the manufacturing process, while,
Extractive industry includes the production of exhaustible raw materials that cannot be increased through cultivation.
Secondary Industry-
Also known as the manufacturing industry, this sector
(1) converts raw materials supplied by primary industries into consumer goods,
(2) further processes goods transformed into products by other secondary industries, or
(3)constructs capital goods used in the production of consumer and non-consumer goods Energy-producing industries (such as hydroelectric industries) and the construction industry are examples of secondary industries.
Tertiary Industry-
- This sector, also known as the service industry, includes industries that provide services or intangible gains or generate wealth while producing no tangible goods.
- This sector is typically a mix of private and public enterprise in free market and mixed economies.
Hence, we can conclude that all the business can be classified into three categories of industries namely, Primary, secondary and tertiary.
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