What is industry?
The industry is used to refer to a range of activities from manufacturing, construction, and extraction to service-based activities such as finance, hospitality, and transportation.
The industry is an economic activity of creating goods or services that improve people's lives. It has been a powerful force in shaping history and driving economic growth, as it involves the production of tangible products that can be sold for profit.
Types of Industry
Primary industry is the type of industry that involves the extraction and production of raw materials. This includes activities such as mining, forestry, farming, and fishing. Primary industries are necessary for the production of other goods and services because they provide the basic resources required by most other industries.
The secondary industry is concerned with processing raw materials into finished products. It is a manufacturing industry that produces motor vehicles, chemicals, paper products, and finished metals from semi-finished items such as steel bars or sheet metal. Secondary industries include machinery manufacturers, furniture makers, electronics companies, and many more.
The tertiary industry includes services related to production such as wholesalers and retailers who distribute the goods produced by primary and secondary industries. These include businesses such as supermarkets and shops that specialize in particular products such as books or clothes; transport companies that move people or goods; hospitality services like hotels; banking services; advertising companies; legal firms; schools and universities; healthcare providers; media outlets; government agencies at all levels of society; repair workshops providing maintenance for motor vehicles or home appliances etc.
The quaternary industry refers primarily to knowledge-based activities within an economy including research & development (R&D), engineering, consulting services, architecture, and design, etc., where knowledge workers utilize specialized skillsets to create new technologies or find solutions for existing problems within various areas of business operations or social systems in general. Quaternary industries are important for modern economies because these activities can generate high-added value compared to traditional industrial activities.