what is the meant by industry explain various types of industry with example
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There are four types of industry. These are primary, secondary, tertiary and quaternary. Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel.
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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, which are typically grouped into larger categories called sectors.
Various types of industries are:
Primary- Industries which deal with obtaining or offering raw materials which are processed as commodities for the customers. Example: Farming, Fishing
Secondary- Industries which are essentially manufacturing or assembling industries. It receives raw materials from primary industries and processes them to commodities for the customers. Example: Food manufacturing, Textile manufacturing
Tertiary- These industries act as a support system to the primary and secondary industries. It is also known as the service industry or the service sector. Example: Banking, Transport.
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