What are the most important industries and why
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Answer:
An industry is categorized as a major industry based on factors such as its contribution to the countryâs gross domestic product (GDP), the percentage of the country's population it employs and its gross business receipts.
A country's economy is broadly divided into three sectors:
The Primary Sector: This sector is involved with transforming natural resources into primary products. A large part of the output from this sector forms the raw materials for other industries. The major industries in this sector are agriculture, fishing, forestry and mining.
The Secondary Sector: This sector creates finished products that are usable by the end consumer. The produce of the primary sector are used by the secondary sector to manufacture finished goods or as inputs for other businesses. A substantial portion of this sector comprises of businesses that have large factories, use machinery to transform raw materials into products and consume huge quantities of energy. The major industries in this sector are aerospace, apparel, automobile, chemical, textile, consumer electronics, energy, industrial equipment, metals and metalworking, shipbuilding and tobacco.
The Tertiary Sector: This sector is also called the services sector. This sector does not produce products, rather it delivers intangible goods. Services are provided by this sector to businesses as well as final consumers. These services include banking, insurance, transport, retailing, education, news, tourism and hospitality, consulting, legal practice, healthcare and entertainment.
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