Define industry. Explain with examples the various types of industries.

By Ritesh|Updated : November 7th, 2022

The industry is the economic activity that converts resources to useful materials. The types of industries are primary, secondary, and tertiary. Examples of primary industries are lumbering, mining and farming, examples of secondary industries are oil refinery and cement industry and examples of tertiary industries are warehousing, insurance, banking, and transport. The industry refers to economic pursuits associated with the transformation of raw materials into usable items.

Industry deals with the breeding and raising of animals as well as the manufacturing or processing of goods and materials. Activities involving mechanical tools and technical know-how are referred to as industries. The term "industry" can also refer to a collection of businesses making related or comparable products. Services like banking and transportation are occasionally referred to as industries.

Categories of Industries

Primary, secondary, and tertiary are the three basic categories into which industries can be divided.

(i) Primary Industries: These encompass all actions related to the creation and extraction of natural resources as well as the development and reproduction of living things, such as plants. The following categories may be added to these industries

(a) Extractive Industries: These enterprises take items from natural sources and extract them. Manufacturing industries typically transform the basic raw materials produced by extractive industries into usable commodities. These materials are typically made from geographical or natural environment products. Hunting, fishing, mining, and lumbering are a few significant extractive businesses.

(b) Genetic Industries: Breeding plants and animals for use in subsequent reproduction is the focus of these industries. Examples of genetic industries include seed and nursery businesses, cattle breeding operations, poultry operations, and fish hatcheries.

(ii) Secondary Industries: These deal with utilising and processing raw materials that have already been extracted by the primary sector to create products for end use or for further processing by other industrial units. For instance, the secondary industry of steel is created when iron ore, which was extracted by mining, which is a primary industry, is processed into steel. The following categories can further split secondary industries:

(a) Manufacturing Industries: These businesses work to create form utilities by processing raw materials to produce commodities for intermediate or final consumption. On the basis of the production process, manufacturing industries can be further categorized into four groups.

  • The analytical industry, such as an oil refinery, analyses and isolates several constituents from the same resources.
  • Synthetical industries: These industries, like the cement industry, blend different ingredients to create new products.
  • Processing industries, including the sugar and paper sectors, entail multiple steps in the production of finished goods.
  • Sectors combine several component parts to create new products, such as the automobile and computer industries.

(b) Construction Industries: Construction of buildings, dams, bridges, roads, tunnels, and canals is a function of these industries. The engineering and architectural sectors are crucial to the construction sector. The growth of infrastructure depends on these businesses.

(iii) Tertiary Industries: These include operations related to trade as well as support services for primary and secondary industries. These businesses offer facilities for services. These can be viewed as a component of commerce because they support trade as their auxiliary activities. Tertiary industries include, among others, those in transportation, finance, insurance, warehousing, communication, packaging, and advertising.

Summary:

Define industry. Explain with examples the various types of industries.

The industry is an economic activity that transforms raw materials into usable products. Primary, secondary, and tertiary industries are the three different sorts. Lumbering, mining, and farming are examples of the main industries. Oil refineries and the cement industry are examples of secondary industries. Tertiary industries include warehousing, insurance, banking, and transportation.

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