Long Answer Questions · Q4
Q.Define Industry. Explain various types of industries giving examples.
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Start your 14-day free trial to unlock the full solution →Industry converts resources into useful goods; it is of three kinds — Primary, Secondary and Tertiary — each with sub-types.
Definition
- Industry refers to economic activities connected with the conversion of resources into useful goods, generally using mechanical appliances and technical skills. "Industry" also means a group of firms making similar goods (e.g., cotton textile industry, electronic industry); even banking and insurance are loosely called industries.
Types of industries
- Primary industries — concerned with the extraction and production of natural resources and the reproduction/development of living things. Two kinds:
- Extractive — draw products from natural sources: farming, mining, lumbering, hunting, fishing.
- Genetic — breed plants and animals for reproduction: seed and nursery companies, cattle-breeding farms, poultry farms, fish hatcheries.
- Secondary industries — use materials already extracted and process them. Two kinds:
- Manufacturing — create form utility, of four operational types: Analytical (separates elements — oil refinery), Synthetical (combines ingredients — cement), Processing (successive stages — sugar, paper), Assembling (assembles parts — TV, car, computer).
- Construction — build buildings, dams, bridges, roads, tunnels, canals using engineering/architectural skills. …
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