Classify Industry with examples.
According to the type and nature of activity, industries can be mainly classified into three categories – (a) Primary Industry, (2) Secondary Industry, (3) Tertiary Industry.
1. Primary Industry:
All the activities which fulfill the basic necessities of human life such as – food, clothing, and shelter are called primary activities of human. All the industries which are developed based on primary activities are called primary industry. Such as – Genetic Industry, Extraction Industry, Construction Industry.
2. Secondary Industry:
The production activities carried out in the factories by the labour industry to make use of the products collected from the primary industry are called secondary industry. The industry that is developed around secondary activities is called secondary industry like – Manufacturing Industry.
3. Tertiary Industry:
Those industries which are engaged in the production and rendering of ‘service work’ to make people’s lives easier and more comfortable or perform various service activities for the smooth execution of other industries are called tertiary industries or service industries. Service industry is essential in daily life. So, this type of industry is also called philanthropic industry. Such as – electricity supply, drinking water supply, gas supply, radio, television, etc. Apart from this, currently banking, insurance, and transport systems have been brought to the level of this industry.
Important Questions from this Chapter:
- Difference between Business and Profession
- Economic objectives of business
- Business risk and its economic objectives
- Characteristics of Commerce
- Classification of Industry with examples
- Short Notes on Warehousing and Advertising
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