An industry is a type of taxonomy used to categorize businesses, organizations, and traders. Industries are typically divided into primary, secondary, and tertiary sectors. In turn, these sectors are often grouped according to products, production processes, and financial markets. The process of industry classification can be complicated and confusing, so here are some key terms to remember. This article will introduce some of the more common industry classifications.
The primary sector of an economy includes activities that primarily use natural resources. These include agriculture, forestry, mining, and other sectors that use deposits and other raw materials. The definition of a primary industry is somewhat flexible, however, as some mining industries fall into the secondary sector. In this article, we will look at the differences between primary and secondary industries. In addition, we will look at what each of these sectors has in common.
While primary industries are considered to be essential for society, these are not the only industries that make use of natural resources.
The primary industry produces the raw materials needed by other sectors. It involves the collection and processing of natural resources, such as energy and raw materials, into finished products. Primary industries make up a large portion of economies in developing nations, and are a vital part of those economies. However, they do not produce the finished products that other industries create. Despite the many benefits of primary industries, these sectors are not nearly as important in developed countries as they are in developing ones.
The second classification of industries is called the secondary industry. These types of industries process raw materials into finished products. They help in industrialization and employ almost 20 percent of the workforce in developed countries. These workers are often referred to as blue-collar workers. Examples of goods …Introduction to the Classification of Industry Read More