Define an industry? What are different kind of industries?
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The production side of business activity is referred as industry. It is a business activity, which is related to the raising, producing, processing or manufacturing of products. ... Producer's goods are the goods used by manufacturers for producing some other goods. E.g. Machinery, tools, equipments, etc.
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There are four types of industry. These are primary, secondary, tertiary and quaternary. Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel. ... Quaternary industry involves research and development industries e.g. IT.
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