World Industries
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Simply the industry can be meant as the business grouping with a general goal of earning a profit. The concept of industry deals with the production activities in the economics sense.The meaning of the term industry can be better defined as acting with the economic activities, irrespective of the ownership types.
Here in this section we have covered some of the industries of the world with a special emphasis upon the financial industries. The financial services are considered as the largest industry in the world for the year 2004. Here the coverage of the insurance, mortgage and finance industry is the steps in the same direction of covering the whole financial industries of the world.
Industry Types are concerned with the different industries present in the economy. Industry is defined as a set of productive entities that utilize productive forces to convert a simple input to a final and processed final product. Industries can be categorized under three large sections :-
- Primary Industry :- The agricultural and the associated businesses come under this head.
- Secondary Industry :- The industries that utilize machineries and other factors to convert the raw material into a processed final product comes under this category. The manufacturing industries are the typical examples of Secondary industry type.
- Tertiary Industry :- The industries that provides various forms of service to the consumers are known as tertiary industries. The sales persons and the professors are typically categorized under this sector. Traveling industry is one of the most fast rising tertiary industry.
Classification of industry types can be done in a lot of ways namely, with respect to its size (large scale, medium scale, small scale), market in which it is sold (export industry or indigenous industry), structure (in the form of concentrated type or scattered type) and kind of product it is producing (steel industry, pharmaceutical industry, etc.), etc.
Hence forth, we will concentrate on two types of industries while discussing Industry Types, such as Secondary and Tertiary industry.
The Industry Types within the secondary one can again be classified in accordance with the kind of product that is being produced by the industry. Some of the examples under this head includes Steel Industry, pharmaceutical industry, construction industry, automobile industry, engineering industry, chemical industry, metal industry, etc.
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