QS Study

The industry is concerned with the production of goods and commerce is involved with the distribution of produced products. The process of extraction, production, conversion, processing, and fabrication of products are described as an industry. These products are sold either for further transformation into finished goods or for ultimate consumption. Goods used by final consumers arc called consumers goods, and those used the products in the production center is called producers’ goods. When a large group has multiple sources of revenue generation, it is considered to be working in different industries.

In this sense, P. H. Collin said, “Industry means all factories or companies or the processes involved in the manufacturing of products.” In modern economies, there are dozens of industry classifications, which are typically grouped into larger categories called sectors, with individual companies being classified into an industry based on their largest sources of revenue.

An industry is either primary or secondary. A primary industry may be either extractive or genetic and secondary industry is either manufacturing or construction.

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