Question

What do you understand by the term ‘Industry’? Explain the various types of industries?

Answer 1

Answer:

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Answer 2

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♦Industry

An industry is a group of companies that are related based on their primary business activities.

♦Various types of Industries

There are four types of Industries :-

● Primary

- Primary industry involves getting raw materials e.g. mining, farming and fishing.

●Secondary

-Secondary industry involves manufacturing e.g. making cars and steel.

●Tertiary

- Tertiary industries provide a service e.g. teaching and nursing.

●Quaternary

- Quaternary industry involves research and development industries e.g. IT.

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