Define the term industry.
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Explanation:
Industry refers to an economic activity that is concerned with production of goods, extraction of minerals or the provision of services.
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An industry is a group of manufacturers or businesses that produce a particular kind of goods or services. Workers in the textile industry design, fabricate, and sell cloth. The tourist industry includes all the commercial aspects of tourism.
More information:
types of industry
- Primary sector of the economy (the raw materials industry)
- Secondary sector of the economy (manufacturing and construction)
- Tertiary sector of the economy (the "service industry")
- Quaternary sector of the economy (information services)
- Quinary sector of the economy (human services)
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