Industries

Industries refer to 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. The 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.

Classification of Industries

Industries can be classified in several ways. One of the common methods is based on the primary, secondary, and tertiary sectors.

• Primary sector of industry - This sector of an economy makes direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas.

• Secondary sector of industry - This sector, also known as the manufacturing sector, takes the raw materials from the primary sector and converts them into finished goods.

• Tertiary sector of industry - This sector, also known as the service sector, involves the provision of services to businesses and consumers. It includes retail, tourism, and banking.

Major Industries

Some of the major industries in the world today include:

• Automotive industry - The automotive industry involves the design, development, production, marketing and selling of motor vehicles.

• Pharmaceutical industry - The pharmaceutical industry discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications.

• Technology industry - The technology industry includes businesses revolving around the manufacturing of electronics, creation of software, computers or products and services relating to information technology.

• Food industry - The food industry includes all the processes that are involved in getting food from the farm to the dinner table.

See Also

• List of largest industries
• Industrial Revolution
• Industrial policy
• Industrial society
• Industrialisation

References

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