An industry is a group of related businesses. Each of these companies may focus on a different business or have similar activities.
In a modern economy, there are dozens of industries. Industries are classified by the type of goods or services they produce. They are typically divided into larger groups called sectors. The main difference between industries and sectors is that an industry is a more specific definition than a sector.
The term “industry” comes from Latin industria. It means diligence and hard work. Traditionally, an industry was a firm whose primary product was an economic good. As technology advanced, it became a broader term to refer to many different types of work.
A secondary industry is one that processes or extracts raw materials from primary industries. Typical examples of a secondary industry include mining, forestry, and extraction of minerals from the earth’s surface.
A large-scale industry is one that produces large volumes of output. These enterprises often have specialized labour forces and complex industrial organizations. Examples of large-scale industries include petroleum refining, steel manufacturing, and hydroelectric power generation.
A light industry is a less intensively-produced segment of the economy. This can be characterized by the presence of non-standard or non-durable products. Some industries, such as media, may also fall into this category.
The marketing industry is a large sector. It uses paid and organic efforts to promote products to audiences. Job titles include sales manager and sales associate.
The telecommunications industry includes providers of internet services and wireless Internet. It also involves the construction of communication devices.