Define Industry. Explain various types of industries giving examples.

Industry refers to economic activities, which are connected with the conversion of resources into useful goods. The industry is used for activities in which mechanical appliances and technical skills are involved. These include activities relating to producing or processing of goods, as well as, breeding of animals. For example, the cotton textile industry refers to all manufacturing units producing textile goods from cotton.

I. Primary industries: These include all those activities which are concerned with the extraction and production of natural resources and reproduction and development of living organisms, plants, etc. These are divided as follows.

(a) Extractive industries: These industries extract or draw products from natural sources. Extractive industries supply some basic raw materials that are mostly products of the geographical or natural environment. Products of these industries are usually transformed into many other useful goods by manufacturing industries. Important extractive industries include farming, mining, lumbering, hunting and fishing operations.

(b) Genetic industries: These industries are engaged in breeding plants and animals for their use in further reproduction. Seeds and nursery companies are typical examples of genetic industries.

II. Secondary industries: These are concerned with using materials, which have already been extracted at the primary state. These industries process such materials to produce goods for final consumption or further processing by other industrial units. For example, mining of iron ore is a primary industry, but manufacturing of steel by way of further processing of raw irons is a secondary industry. Secondary industries may be further divided as follows:

(a) Manufacturing industries: These industries are engaged in producing goods through the processing of raw materials and, thus, creating form utilities. Manufacturing industries may be further divided into four categories based on the method of operation for production.

• Analytical industry

• Synthetical industry

• Assembling industry

(b) Construction industries: These industries are involved in the construction of buildings, dams, bridges, roads as well as tunnels and canals. Engineering and architectural skills are an important part of the construction industries.

III. Tertiary industries: These are concerned with providing support services to primary and secondary industries as well as activities relating to trade. These industries provide service facilities. This category included transport, banking, insurance, warehousing, communication, packaging and advertising.