Introduction to the Classification of Industry

Introduction to the Classification of Industry

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.

Primary industries

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 …

Introduction to the Classification of Industry Read More