Define industry. State the broad classification of industry.
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a broad term to describe all aspect of industry or a company, engaged in industry through the manufacture of products, such as industrial workers, or industrial pollution
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An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications, which are typically grouped into larger categories called sectors. Individual companies are generally classified into an industry based on their largest sources of revenue.
For example, while an automobile manufacturer might have a financing division that contributes 10% to the firm's overall revenues, the company would be classified in the automaker industry by most classification systems.
the broad classification are as follows :-
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.
Tertiary industries provide a service e.g. teaching and nursing.
Quaternary industry involves research and development industries e.g. IT.
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An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications, which are typically grouped into larger categories called sectors. Individual companies are generally classified into an industry based on their largest sources of revenue.
For example, while an automobile manufacturer might have a financing division that contributes 10% to the firm's overall revenues, the company would be classified in the automaker industry by most classification systems.
the broad classification are as follows :-
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.
Tertiary industries provide a service e.g. teaching and nursing.
Quaternary industry involves research and development industries e.g. IT.
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