Industry is a term that describes the process of making products in factories. It is also used to describe the rendering of services in an economy.
Industries are grouped into sectors. These sectors are economic sub-categories.
Large-scale industries generate a huge volume of output. Usually, they have a specialized labour force. Some examples of large-scale industries include motor vehicle and heavy machinery manufacture, steel manufacturing, oil refining, etc.
A large-scale industry requires heavy capital investment. Companies in this sector may be private, government or state-owned. The labour force may be low skilled or highly trained.
Secondary industries process raw materials from primary industries. They make finished products that can be used by other companies for further production. Examples of secondary industries are energy-producing industries, construction industries, and industrial goods.
Tertiary industries provide services to both primary and secondary industries. They facilitate the smooth flow of goods and services in the market. This includes providing credit facilities to different trading firms.
Often, businesses are classified into a certain industry based on their dominant source of revenue. Organizing business activities into categories will help economists and investors to understand the different levels of activity in an economy.
If you have questions about industry, you can find a lot of information on the Internet. However, it can be difficult to know if the information is accurate. Ideally, you should conduct research using unbiased sources.
Industry research can be a very time-consuming task. You can visit trade shows and conferences and talk to people in your industry. Also, you can check out industry guides and online business planning guides.
