what is an industry?
Answers
Answer:
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Explanation:
An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications. Industry classification is typically grouped into larger categories called sectors.
Individual companies are generally classified into an industry based on their largest sources of revenue. For example, while an automobile manufacturer might have a financing division that contributes 10% to the firm's overall revenues, the company would be classified in the automaker industry by most classification systems.
Levels of Industry:
Primary (first): Primary industries are those that extract or produce raw materials from which useful items can be made. Extraction of raw materials includes mining activities, forestry, and fishing. Agriculture is also considered a primary industry as it produces “raw materials” that require further processing for human use.
Secondary (second): Secondary industries are those that change raw materials into usable products through processing and manufacturing. Bakeries that make flour into bread and factories that change metals and plastics into vehicles are examples of secondary industries. The term “value- added” is sometimes applied to processed and manufactured items since the change from raw material into a usable product has added value to the item.
Tertiary (third): Tertiary industries are those that provide essential services and support to allow other levels of industry to function. Often simply called service industries, this level includes transportation, finance, utilities, education, retail, housing, medical, and other services. Since primary and secondary levels of industry cannot function without these services, they are sometimes referred to as “spin-off” industries. Much of the city of Thompson, for example, is made up of tertiary or service industries to support the primary industry of mining.
Quaternary (fourth): Quaternary industries are those for the creation and
transfer of information, including research and training. Often called information industries, this level has seen dramatic growth as a result of advancements in technology and electronic display and transmission of information.
Quinary (fifth): Quinary industries are those that control the industrial
and government decision-making processes. This level includes industry
executives and management and bureaucrats and elected officials in
government. Policies and laws are made and implemented at this level.
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Answer:
An Industry is the total sum of all the economic activities concerned with the processing of raw material and manufacturing of goods in factories.
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