industry, group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.
Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. Through these classifications, economists are able to compare companies within the same industry to evaluate the attractiveness of that industry./investing16-5bfc2b8fc9e77c00519aa657.jpg)
What Is an Industry? The term “industry” is a classification for a group of companies that have similar business activities. In modern economies, there are dozens of industry classifications....
in•dus•try (ˈɪn də stri) n., pl. -tries. 1. the aggregate of manufacturing enterprises in a particular field: the steel industry. 2. any general business activity: the tourist industry. 3. trade or manufacture in general. 4. systematic work or labor.
Industry defined An industry is an economic activity that goes beyond just factory walls. While manufacturing certainly plays a major role, the term encompasses a much broader landscape. Industry refers to the entire system of businesses and organizations that produce goods and services.
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