By Harshvardhan, the Subject Matter Expert at Edumarz
Solution: Industry refers to those economic activities which are connected with converting resources into useful goods for the society at large. Activities involving mechanical appliances like plant and machinery and technical skills relating to the production or processing of goods as well as the breeding and raising of animals are referred to as Industry.
Industries can be classified into the following three types:
- Primary Industries– All activities connected with the extraction and production of natural resources and the reproduction and development of living organisms, plants, etc are called Primary industries.
- Secondary Industries– All activities concerned with processing the output or finished goods of Primary industries as Raw materials to produce goods for final consumption by final consumers or for further processing by other industrial units. For example- Iron ore is the output of Primary Industry but the manufacturing of steel using Iron ore is a Secondary Industry.
- Tertiary Industries– All activities concerned with providing support services to Primary industries, Secondary Industries, and Trading activities are called Tertiary Industries. These industries provide service facilities. For example- Transport, Banking, Insurance, warehousing, Communication etc