This is the manufacturing or producing of goods and services in the economy. The company or individuals with the interest of starting a business should be able to locate the substantial revenue to initiate the business, and that resource is what we term as an industry. For a large group to have many sources of income, they have to work in various sectors.
During the industrial revolution in Europe, industrialization became a key factor in production that resulted in the restoration of the economy. This process, in turn, led to the creation of employment opportunities which led to improved living standards of people.
Some of the standard classifications may include industrial classification. This classification helps in dividing different industries according to similarities in markets, functions, and identity of a business organization regarding the kind of a product produced.
Identification of industries by the product produced includes:
- chemical industry;
- power industry;
- petroleum industry;
- construction industry.
Some industries are classified under International Standard Industrial Classification of all Economic Activities(ISIC) which was established by the United Nations. It is a standard economic classification arranged based on the kind of activities carried within the organization.
Lastly, we have the industrial classification which is classified in many ways. Starting from the top, industries can be categorized as the primary which majorly use raw material from the land. Secondary industries are responsible for manufacturing of raw materials to the desired products. Tertiary industries are service oriented. This type of industry does not produce raw material as well as products. Tertiary industries may include, for example, medical and financial facilities. Finally, there are quaternary sectors which perform their duties using high technology which is expensive to afford by the majority of industries.
Advantages of Industrial Development
Industries have the full range of importance ranging from domestic to industrial. These advantages of industries have facilitated faster growth of the country leading to the affordable life of every middle-class employee. Industries also play a significant role in creating new employment opportunities.
Development of industries in a country also results to increased investment of urge capitals and the appearance of large scale operations. Creation of more industries can lead to agricultural development within the country. A good example to explain this concept is the agro-based industries which utilize agricultural products in their production processes.
Another benefit of industries includes the development of some tertiary sectors like trade, appropriate usage of natural resources like minerals and fisheries. Industries also contribute to the expansion of agricultural markets as well as an increasing income of population. Industries manufacture defense weapons like war armament and airplanes. Finally, industries contribute to the growth of the existing companies.
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Information industries are firms with lots of information that is already at hand. There exist different kinds of information industries which help in making communication easier and understandable. This idea is fundamentally related to computer programming and telecommunications.
Some companies generate and sell the variety of information to the people in the form of goods. Examples are media products which include television programs and published books. Some commodity can be given to people as a service and not a tangible product. Some legal services like banking, data processing, and insurance require rigorous processing information before it is communicated. This process helps in avoiding distortion of critical information leading to clear communication as intended. Some organizations produce telephone communications which are fast and convenient. It only requires every department to be installed with phones to make it easier to make conversations.
The topic “industry” is broad. It enables every person to develop the valuable experience that helps in handling different tasks in the community as well educating other people the same knowledge. From the above-discussed experiences, one becomes a clear insight of what the current industries require to ensure high production. The incorporation of different ideas enables manufacturers to improve drastically.