What is an industry?

The term “industry” refers to a broad category of businesses or economic activities involved in the production or manufacturing of goods and services. It encompasses a wide range of sectors, including agriculture, mining, manufacturing, construction, transportation, and utilities, among others.

In general, industries can be classified into two main types: primary industries, which extract natural resources from the environment, and secondary industries, which transform those resources into finished products.

Industry can also refer to a specific sector within a larger economy, such as the automotive industry, the technology industry, or the healthcare industry. Industries can vary greatly in size and scope, from small local businesses to multinational corporations that operate in multiple countries and employ thousands of people.