write a short note on industry
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An industry is the production of goods or related services within an economy.The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.
Following the Industrial Revolution, possibly a third of the economic output comes from manufacturing industries. Many developed countries and many developing/semi-developed countries (China, India etc.) depend significantly on manufacturing industry.
Answer:
Explanation:
About Industry:
The industry is a group of active businesses and organizations that manufacture or sell goods, services, or revenue sources. In economics, industries are generally divided into three categories: primary, secondary, and tertiary.
Following are the types of industry
1. Primary industry
A country's economy includes forestry, agriculture, fishing, quarrying, mining, and mineral extraction. It can be divided into two sorts.
Genetic industry - This comprises any raw material manufacturing that can be improved by human involvement in the development process.
Extractive industries - Entail the extraction of finite raw materials that cannot be replenished through agriculture.
The primary industry continues to dominate the economies of developing and underdeveloped countries, but as secondary and tertiary sectors increase, its share of economic output tends to shrink.
2. Secondary industry
The secondary industry sector (manufacturing industry) converts raw resources supplied by primary industries into consumer goods. Specific secondary industries have added more processes products into their product lines. Creates capital equipment for the production of consumer and non-consumer goods. The industry is further subdivided into,
Large or heavy scale industry entails enormous investment capital in plants and equipment, provides a vast and diverse industry similar to other industrial sectors, has a sophisticated industrial structure and often a skilled specialist labour, and produces a large amount of output.
Steel and iron manufacturing industries, petroleum refining industries, and so on are examples.
Small or light industry is characterized by the nondurability of industrial products and a low capital investment in plant and machinery, which may include nonstandard items such as personalized or design work.
Plastic production, textile manufacturing, food processing, and other industries are examples.
3. Tertiary industry
The tertiary industrial sector, commonly known as the service industry, includes industries that provide services, incur economic costs, or generate money while producing no tangible items. In free market and mixed economies, such sectors are often a combination of government and private firms.
Real estate services, banking and finance services, communication services, and so on are examples.
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