What is meant by Industry? Explain various types of industries.

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DEFINITION OF INDUSTRY

Industry cares with the making or manufacturing of products it’s that a part of the assembly which is involved in changing the shape of products at material to the finished product. Is Weaving wool yarn into cloth Thus industry imparts form utility in goods stage from raw

TYPES OF INDUSTRIES:

IThe goods could also be commodity or producer goods. commodity are the products , which are used finally by consumers Eg: Food grains, textiles, cosmetics. Producer goods are the tools equipment etc 

Classification or sorts of industries: The industries could also be classified as follows: goods employed by the manufacturers for producing another goods Ex Machinery.

1) Primary Industry: Primary industry cares with production of products with the assistance of nature. it’s nature-oriented industry, which needs little or no human effort Egi Agriculture, Farming Fishing, Horticulture etc

2) Genetic industry : Genetic industry is said to the reproducing and multiplying of certain species of animals and plants with the thing of earning profits from their sale Eg: Nurseries, breeding poultry, fish hatcheries etc

3) Extractive industry: it’s engaged in raising some sort of wealth from the soil, climate, air, water or from beneath the surface of the world Generally the products of extractive industries comes in raw farm and that they are employed by manufacturing and construction titan industries for producing finished products. In: Mining, coal, mineral, iron ore, refining industry , extraction of timber and rubber from forests

4) housing industry : The industry is engaged within the creation of infrastructure for the graceful development of the economy. it’s concerned with the development , erection or fabrication of products These industries are engaged within the construction of buildings roads, dams bridges and canals

5) Manufacturing industry: This industry is engaged within the conversion of raw mate rial into semi-finished or finished goods This industry creates form utility in goods by mak ing them suitable for human use. In : Cement industry, Sugar industry, Cotton textile industry, Iron and industry , Fertilizer industry etc.

6)Service industry . In times , service sector plays a crucial role within the development of the state and thus it’s named as industry These are engaged within the provision of essential services to the community Eg: Banking, transport, insurance etc.

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