Meaning and types of industry - SS1 Commerce Lesson Note

An industry refers to a group of businesses or organizations that are involved in producing goods or providing services related to a particular field. Industries play a crucial role in the economy as they contribute to the production and distribution of goods and services. There are three main types of industries:

·         Primary Industry: The primary industry involves the extraction or collection of natural resources directly from the environment. It includes activities such as farming, fishing, mining, forestry, and oil extraction. The primary industry is focused on obtaining raw materials or natural resources that are used as inputs in the production of goods in other industries.

·         Secondary Industry: The secondary industry involves the processing and manufacturing of raw materials obtained from the primary industry. It includes activities such as manufacturing, construction, and industrial processing. The secondary industry transforms raw materials into finished products that are ready for consumption or further use by individuals or other industries.

·         Tertiary Industry (Services Industry): The tertiary industry, also known as the services industry, involves the provision of services rather than the production of physical goods. It includes a wide range of activities such as healthcare, education, transportation, hospitality, banking, retail, entertainment, and professional services. The tertiary industry focuses on meeting the needs and demands of individuals and businesses by providing various services.