What Is An Industry?


4 Answers

d ds Profile
d ds answered
The word, industry, is used to describe a collection of enterprises that are involved in the production of a certain kind of related good or service. It is like a sector and it is basically a way to classify all the production taking place in the economy into identical and smaller categories of industries like for example agriculture industry, cement industry, telecom industry and so on. There are firms that are involved in many types of business but when we say industry, we divide the firms based on the primary activity that they perform and the activity that gets them the most revenue. So in short it is a group of companies that is involved primarily in the production and selling of a comparable type of good.

An industry can be considered to be a classification of similar businesses and their employees together. The firms in an industry provide similar products and services to a similar market of consumers. An industry can be considered as a category into which firms can be classified. Each firm is a member of at least one or more category or industry. Many firms can be classified into two or more industries. All the industries in the market are aggregated into a market. Example of industries include; food and beverage industry, fast food industry etc.
Lily James Profile
Lily James answered

Industry is basically defined as manufacturing of goods or services within a certain category of these goods or services. It is a broad term for economic production, However, it is mostly related to manufacturing of raw materials into goods and services.

There are four main industrial economic sectors which are as follows:
- Primary Sector: This sector concerns raw material extraction such as farming.

- Secondary Sector: This involves  refinement of raw material and manufacturing.

- Tertiary Sector: This sector deals with providing services to customers such as medical.

- Quaternary Sector: This sector deals with technological research and development , which includes computer programming etc.

Alex hales Perry Profile

It is a particular organization which contains

economic activity concerned with the processing of raw materials and manufacture of goods in factories.

Karl Sagan Profile
Karl Sagan answered

The industry is very developed now. And you need to act to make a quality product to take a place under the sun. There is a lot of competition now and we have to produce excellent results. In this I am helped by a software development company that always works for a completely successful result. I am always happy with their work and have been cooperating with them for a huge amount of time.

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