What is the meaning of industry? Mention the types of industry.
Industrial sector uses raw materials to produce goods for consumers. It is related to production, raising, processing or manufacturing products. Industries produce two types of goods producers’ goods and consumer’ goods. Producers’ goods are used by another producer for manufacturing different goods. Consumers’ goods are produced for consumers, and they directly consume it.
Types of industries:
a. Genetic: It concerns with goods and services that enhance the different sectors like agriculture, health, etc.
b. Extraction: Deals with the extraction of metals, gas, fishing, etc
c. Manufacturing: It deals with producing goods from raw materials.
d. Construction: It deals with the construction of roads, buildings, etc.
e. Combination: It deals with the production of goods that require small as well as big tools. Example: Car, Scooter, etc.
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