Question

Discuss the different types of terms of trade?

Answer 1

. Primary Industry


Primary industry is concerned with production of goods with the help of nature. It is a nature-oriented industry, which requires very little human effort. E.g. Agriculture, farming, forestry, fishing, horticulture, etc.


2. Genetic Industry


Genetic industries are engaged in re-production and multiplication of certain spices of plants and animals with the object of sale. The main aim is to earn profit from such sale. E.g. plant nurseries, cattle rearing, poultry, cattle breeding, etc.


3. Extractive Industry


Extractive industry is concerned with extraction or drawing out goods from the soil, air or water. Generally products of extractive industries come in raw form and they are used by manufacturing and construction industries for producing finished products. E.g. mining industry, coal mineral, oil industry, iron ore, extraction of timber and rubber from forests, etc.


4. Manufacturing Industry


Manufacturing industries are engaged in transforming raw material into finished product with the help of machines and manpower. The finished goods can be either consumer goods or producer goods. E.g. textiles, chemicals, sugar industry, paper industry, etc.


5. Construction Industry


Construction industries take up the work of construction of buildings, bridges, roads, dams, canals, etc. This industry is different from all other types of industry because in case of other industries goods can be produced at one place and sold at another place. But goods produced and sold by constructive industry are erected at one place.


6. Service Industry


In modern times service sector plays an important role in the development of the nation and therefore it is named as service industry. The main industries, which fall under this category, include hotel industry, tourism industry, entertainment industry, etc.

Answer 2

Primary industry
Secondary industry
Tertiary industry

These indicate the economic development and trade relations.

Now primary industries : are those which exploit nature produce goods. These are base for all industries. And this contain agriculture and its allied services.

Secondary Industries : are those which convert this raw materials into finished and tangible goods .

Tertiary : these is rather alike this provide only services . BUT THESE Inducted the real deal elopement of country