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What Is Industry

Industry refers to the production side of business activity, which involves raising, producing, processing or manufacturing products. Products can be consumer goods that are directly used by consumers, or producer goods that are used by manufacturers to produce other goods. The growth of industry drives the expansion of trade and commerce as it represents the supply side of the market. There are several types of industries including primary industries involving agriculture and farming, extractive industries that extract raw materials from the earth, manufacturing industries that transform raw materials into finished goods, construction industries that build infrastructure, and service industries like hotels and tourism.

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46 views

What Is Industry

Industry refers to the production side of business activity, which involves raising, producing, processing or manufacturing products. Products can be consumer goods that are directly used by consumers, or producer goods that are used by manufacturers to produce other goods. The growth of industry drives the expansion of trade and commerce as it represents the supply side of the market. There are several types of industries including primary industries involving agriculture and farming, extractive industries that extract raw materials from the earth, manufacturing industries that transform raw materials into finished goods, construction industries that build infrastructure, and service industries like hotels and tourism.

Uploaded by

Pankaj Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What is Industry ?

Meaning ↓

The production side of business activity is referred as industry. It is a business activity, which is
related to the raising, producing, processing or manufacturing of products.

Image Credits © Barrie Caveman.


The products are consumer's goods as well as producer's goods. Consumer goods are goods,
which are used finally by consumers. E.g. Food grains, textiles, cosmetics, VCR, etc. Producer's
goods are the goods used by manufacturers for producing some other goods. E.g. Machinery,
tools, equipments, etc.
Expansion of trade and commerce depends on industrial growth. It represents the supply side of
market.

Classification / Types of Industries ↓

There are various types of industries. These are mentioned as follows :-

1. Primary Industry
Primary industry is concerned with production of goods with the help of nature. It is a nature-
oriented industry, which requires very little human effort. E.g. Agriculture, farming, forestry,
fishing, horticulture, etc.

2. Genetic Industry

Genetic industries are engaged in re-production and multiplication of certain spices of plants
and animals with the object of sale. The main aim is to earn profit from such sale. E.g. plant
nurseries, cattle rearing, poultry, cattle breeding, etc.

3. Extractive Industry

Extractive industry is concerned with extraction or drawing out goods from the soil, air or water.
Generally products of extractive industries come in raw form and they are used by
manufacturing and construction industries for producing finished products. E.g. mining industry,
coal mineral, oil industry, iron ore, extraction of timber and rubber from forests, etc.

4. Manufacturing Industry

Manufacturing industries are engaged in transforming raw material into finished product with the
help of machines and manpower. The finished goods can be either consumer goods or
producer goods. E.g. textiles, chemicals, sugar industry, paper industry, etc.

5. Construction Industry

Construction industries take up the work of construction of buildings, bridges, roads, dams,
canals, etc. This industry is different from all other types of industry because in case of other
industries goods can be produced at one place and sold at another place. But goods produced
and sold by constructive industry are erected at one place.

6. Service Industry
In modern times service sector plays an important role in the development of the nation and
therefore it is named as service industry. The main industries, which fall under this category,
include hotel industry, tourism industry, entertainment industry, etc.

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