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What is Meant by the Term Industry?

Here we will learn about the term Industry and its importance. Click here to know more about such interesting topics.

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:

  1. Raising

  2. Production

  3. Manufacturing process

  4. 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