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Answer: The term Industry refers to the production phase and process of business activity. Some important points related to Industry are:
As per the definition of macroeconomics, it’s the branch of economics that deals with a set of raw materials, services and final end products
The phenomenon involved in industries are:
Raising
Production
Manufacturing process
End processing of products
The various categories of industries are listed as follows:
Classes of Industry | Examples |
Primary industry | Agriculture, Farming, Fishing, Horticulture |
Service industry | Tourism, Hotel and Management Industry |
Extractive industry | Oil, Coal, Mining industry, the timber industry |
Construction industry | Related to the building of dams, buildings, canals, roads |
Genetic industry | Poultry, cattle rearing and breeding |
Manufacturing industry | Textile, Paper, Sugar industry |
