Industry refers to an economic activity that mainly deals with the production of goods like iron and steel industry, extraction of minerals like coal mining industry and the provision of services like tourism industry. The industry is mainly divided into three sectors as primary, secondary and tertiary sectors.
Industrial production refers to the output of industrial establishments and covers sectors such as mining, manufacturing, electricity, gas and steam and air-conditioning. This indicator is measured in an index based on a reference period that expresses change in the volume of production output.
industry, group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.
An industry is a group of manufacturers or businesses that produce a particular kind of goods or services. Workers in the textile industry design, fabricate, and sell cloth. The tourist industry includes all the commercial aspects of tourism.
Industry produces all the goods and services required by society and distributes them to consumers. The term is also used to describe a group of businesses that produce a similar product or service. All the factories, mills, and other enterprises that produce steel, for example, are known as the steel industry.
Examples of industries include banks, asset management companies, insurance companies, and brokerages. Companies that fall into the same industry offer similar products or services and compete for customers who require them.
Industrial Management is the branch of study which is focused on the creation & management of industrial systems and processes that incorporate people, materials and energy in productive ways.
The Industrial Revolution was the transition from creating goods by hand to using machines. Its start and end are widely debated by scholars, but the period generally spanned from about 1760 to 1840.
There are five main economic sectors.Primary Sector – raw materials.Secondary Sector – manufacturing.Tertiary Sector – services.Quaternary Sector – knowledge.Quinary Sector – an extension of the tertiary/quaternary sector.
Goods and services are primarily produced or manufactured by three different kinds of industries – primary, secondary and tertiary.
Sectors and industries
At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services).
Industry 4.0 can be defined as the integration of intelligent digital technologies into manufacturing and industrial processes. It encompasses a set of technologies that include industrial IoT networks, AI, Big Data, robotics, and automation.
Industry refers to a specific group of companies that operate in a similar business sphere and have similar business activities. Industries are created by breaking down sectors into more defined groupings. Therefore, an industry is a subcategory of a sector.
Some common synonyms of industry are business, commerce, trade, and traffic. While all these words mean "activity concerned with the supplying and distribution of commodities," industry applies to the producing of commodities, especially by manufacturing or processing, usually on a large scale.
Industry sectorsPrimary sector of the economy (the raw materials industry)Secondary sector of the economy (manufacturing and construction)Tertiary sector of the economy (the "service industry")Quaternary sector of the economy (information services)Quinary sector of the economy (human services)
synonyms: industrial engineering. type of: applied science, engineering, engineering science, technology.
The Industrial Revolution first began in Britain in the 18th Century and quickly spread around the world. Three reasons that led to the Industrial Revolution was the emergence of capitalism, European imperialism, and The Agricultural Revolution.
However the short-term negative effects outweighed the long-term positive effects of the Industrial Revolution. Short-term negative effects included death and illnesses from working in factories, poor working conditions, and poor conditions within cities.
There are 11 stock market sectors, as classified by GICS, which stands for Global Industry Classification Standard. These sectors include healthcare, materials, real estate, consumer staples, consumer discretionary, utilities, energy, industrials, consumer services, financials, and technology.
The eight-core sectors of the Indian economy are:Electricity.Steel.Refinery products.Crude oil.Coal.Cement.Natural gas.Fertilizers.
Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel. Tertiary industries provide a service e.g. teaching and nursing. Quaternary industry involves research and development industries e.g. IT.
The Types of Industries are primary, secondary, and tertiary. Examples of primary industries are lumbering, mining, and farming, examples of secondary industries are oil refinery and cement industry and examples of tertiary industries are warehousing, insurance, banking, and transport.
Primary industries focus on converting and extracting raw materials. Secondary industries perform the function of converting and processing raw materials into usable goods. Tertiary industries provide services that are intangible in nature.
Small scale industries are referred to as those industries in which the process of manufacturing, production and servicing are done on a small scale. The investment on such industries is one time and these investments are mostly done on plant and machinery, the total investment on such industries do not exceed 1 crore.
Industry 4.0 refers to the “smart” and connected production systems that are designed to sense, predict, and interact with the physical world, so as to make decisions that support production in real-time. In manufacturing, it can increase productivity, energy efficiency, and sustainability.