Question

Long answer type: what is meant by industry? Discuss various types of industry.

Answer 1

Answer:

The production side of business activities are referred as industry. It is a business activity, which is related to the raising, producing, processing and manufacturing of goods or products.

Types of industry -

1. Primary industry - These industry manufacture goods with the help of nature.

Example - Agriculture, farming etc.

2. Extractive industry - These industry is concerned with extraction of goods from soil,air or water.

Example - mining industry.

3. Manufacturing industry - these industry transform raw materials into finished products.

Example - textiles, sugar industry etc.

4 Service industry - These industry is also known as service sector because it provides services to other industry. Example - banks, transportation etc.