Categories: Economics

Explain with examples the various types of industries

Industry refers to economic activities, which are connected with conversion of resources into useful goods. Industry is concerned with the production or processing of goods and materials as well as breeding and raising of animals. The term industry is used for activities in which mechanical appliances and technical skills are involved. The term industry is also used to mean groups of firms producing similar or related goods. Services such as banking and transport are also referred to as industries sometimes. Industries may be divided into three broad categories namely primary, secondary and tertiary.

(1) Primary Industries

These include all those activities, which are connected with the extraction and production of natural resources and reproduction and development of living organisms, plants etc. These industries may be further subdivided as follows:-

(a) Extractive Industries:- These industries extract or draw out products from natural sources. Extractive industries are suppliers of basic raw materials that are mostly products of the geographical or natural environment products of these industries are usually transformed into useful goods by manufacturing industries. Farming, mining, lumbering, hunting fishing-operations are some important extractive industries.

(b) Genetic Industries:- These industries are concerned with breeding of plants and animals for their use in further reproduction. Seeds and nursery companies, cattle breeding farms, poultry farms, and fish hatchery are examples of genetic industries.

(2) Secondary Industries

These are concerned with using and processing the materials, which have already been extracted by the primary sector to produce goods for final consumption or for further processing by other industrial units. e.g., the iron ore extracted by mining which is a primary industry, is processed into steel and hence, steel industry is a secondary industry. Secondary industries may be further divided as follows:-

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

  • Analytical Industry Which analyses and separates different elements from the same materials, e.g., oil refinery.
  • Synthetical Industry Which combines various ingredients into a new product, e.g., cement industry.
  • Processing Industry Which involves successive stages for manufacturing finished products, e.g., sugar and paper industries.
  • Assembling Industry Which assembles different component parts to make a new product, e.g., car and computer industries.

b) Construction Industries:- These industries are involved in the (construction of buildings, dams, bridges, roads, tunnels and canals. Engineering and architectural skills play an important role in construction industries. These industries are important for infrastructure development.

(3) Tertiary Industries

These comprise of support services to primary and secondary industries as well as activities relating to trade. These industries provide service facilities. These may be considered as a part of commerce because as auxiliaries to trade they assist trade. Transport, banking, insurance, warehousing, communication, packaging and advertising are examples of tertiary industries.

jivtara

Recent Posts

Explain the characteristics of business

Business refers to any occupation in which people regularly engage in an activity with an objective of earning profit. The…

2 months ago

What are the fundamental economic problems of economics?

According to Prof. Samuelson, every economy has three basic problems of resource allocation: (a) What to produce and how much…

3 months ago

What is Green Revolution? Why was it implemented and how did it benefit the farmers? Explain in brief.

The introduction of High Yielding Varieties (HYV) of seeds and the increased use of fertilisers, pesticides and irrigation facilities are…

3 months ago

The traditional handicrafts industries were ruined under the British rule. Do you agree with this view? Give reasons in support of your answer.

Yes, we agree with the above statement that the traditional handicrafts industries were ruined under the British rule. The following…

3 months ago

What was the focus of the economic policies pursued by the colonial government in India? What were the impacts of these policies?

India was under British rule for almost two centuries before attaining Independence in 1947. The main focus of the economic…

3 months ago

मातृभूमि पाठ के आधार पर भारत भूमि के महत्व को चित्रित कीजिए।

इस कविता में कवि मातृभूमि को कोटि-कोटि प्रणाम करते हुए कह रहे हैं कि वह सभी अमर लोगों की माता…

5 months ago