What is Meant By The Term Industry?

By Esha Dhawan|Updated : July 8th, 2022

You must come across the term industry quite often, but do you know what is meant by the term industry? The term Industry refers to any economic activity that delves into the production of goods such as iron, steel, etc. Thus, we can say that an industry denotes the production phase or process of business activity.

Answer:

The term industry refers to the production phase of goods like steel or iron

An industry can consist of multiple companies that are related and work for the production of the same product or good. Now that you know what is meant by the term industry, let’s dive deeper and understand what are the phenomena that are involved in industries. 

Classification of Industries

According to modern economics, any industry can be classified into mainly three sectors that are: 

  • Primary sector- This sector mainly deals with the extraction of raw materials such as farming and mining industries.
  • Secondary sector- This sector involves processes like construction, refining, and manufacturing of the products.
  • Tertiary sector- This sector is basically concerned with the distribution and services of manufactured goods.

Summary:

What is Meant By The Term Industry?

Although it is a commonly used term, many people don’t know what is meant by the term industry. It refers to the economic activity that deals with the production phase of different goods like steel and iron. Any industry is usually a group of companies manufacturing the same product or providing similar services. Also, they can be classified under the primary, secondary and tertiary sectors. 

 

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