Industry: Definition, types, Examples

Typically, we see a variety of sizes and types of industries. They are built to produce goods for us and generate income. In today’s article, we will learn about the industry and its related questions.

What is meant by the term industry?

An industry is a group of businesses or organizations that provide goods, services, or ways to make money. Moreover, an industry is a collection of businesses that are interconnected with their core business activities. There are many industry categories in modern economies. Most of the time, industry classifications are put into larger groups called sectors. These sectors are further classified as Primary, Secondary, and Tertiary. Now we will discuss in simple words what primary, secondary, and tertiary industries are.

What is meant by "Primary Industry"?

Primary industry is the component of the economy that uses water, land, plants, and other natural resources to generate primary sources of revenue. The primary industry consists mainly of agricultural operations, and therefore, it is known as the agricultural sector too. It is interesting to note that the workers in this industry are often known as "red-collar" workers.

In the same way, primary industry plays a significant role in developed and undeveloped nations as it is concerned with supplying raw resources that are transformed into finished goods for consumers. Due to a lack of access to modern equipment, many people are employed in the primary industry.

What are the types of primary industries?

The primary industry is split into two more categories, i.e., the genetic industry and the extractive industry.

Genetic Industry: 

The genetic industry is concerned with the cultivation of various foodstuffs, such as plants and fruits, as well as the management of fisheries and cattle.

Extractive industry:

Unlike the genetic industry, the extractive industry is an industry in which raw materials are gathered from the ground or nature, and then processed like mining activities such as coal and petroleum product extraction. Moreover, in this industry, these raw items are impossible to grow again as we do in the genetic industry.

What is meant by "Secondary Industry"?

The secondary industry is primarily concerned with production or assembly and deals with the manufacturing of products. These industries collect raw resources from primary industries and then transform them into consumer goods. The workers in this industry are frequently referred to as blue-collar employees.

What are the types of secondary industries?

The secondary industry is split into two more categories, i.e., the light industry, the manufacturing industry, and the heavy industry.

Light Industry: 

The light industry is an industry that needs less capital to start up, fewer raw resources, and fewer capital assets to run. The products in these industries are small and effortless to move from one place to another. One of the advantages of these industries, they do not cause environmental harm very much due to the lower consumption of electricity.

Manufacture Industry: 

The manufacturing industry converts raw materials into finished goods for consumers or producers via multiple stages of processing and value addition.

Heavy Industry: 

A heavy industry manufactures a large number of heavy and large goods. It entails enormous capital investments, high electricity usage, and larger operating spaces.

What is meant by “Tertiary industry”?

The primary industry and the secondary industry depend on the tertiary industry to be operated. It is also called the service sector or the service industry as it assists primary and secondary industries. The workers who work in the tertiary industry are usually known as white-collar workers.

Examples of Tertiary industry:

Moreover, the tertiary industry does not engage in manufacturing or production. Instead, it focuses on offering services that help both the primary and secondary sectors to grow.

What are the types of tertiary industries?

The tertiary industry does not have any types, but it has some examples, which are given below:

Financial Services: It includes the banking sector that provides loans, insurance, and other financial services.

Public health: It sustains and maintains people's health through the use of revolutionary technologically and highly advanced devices and equipment.

Telecommunication: In the tertiary industry, some jobs like those of a lawyer, engineer, accountant, etc. These are the jobs that need to be licensed and certified in a specific manner.

Conclusion:

This was an in-depth discussion of the three distinct types of major industries. Thus, we can say that all industries contribute significantly to the economy. For the nation's success and advancement, every industry should be given an equal amount of consideration.