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Industry is referred to the economic activities that result in converting resources into useful goods. The use of machines and technical skills are involved which is used for producing variety of goods, breeding animals. There are three types of industries:
1. Primary Industries: These type of industries deal with products that are obtained from natural sources. The main purpose of such industries is to convert raw material into a form that can be consumable. Examples of such industries are farming, hunting, mining, fishing industries. Primary industries can be classified into two types based on the activities performed.
a. Extractive Industries: These industries deal with products that needs to be refined so that it can be used in some other industries. The examples are mining and fisheries.
b. Genetic Industries: These industries deal with breeding plants and animals and using them for further use.
2. Secondary Industries: These industries deal with manufacturing of products, they acquire raw materials and convert them into goods to which further value can be added. Such type of industries can be categorised as:
a. Manufacturing Industries: Here the raw materials gets converted into finished products to become readily usable such as petroleum, wax which is obtained from mineral oil etc.
b. Synthetic Industries: These combine raw materials to form a new product. Examples are cosmetic industry.
c. Processing Industries: Here the raw material is processed and purified in order to arrive at a final product. Examples are paper and sugar industries.
d. Assembling Industries: Combining various components in order to arrive at the final product is the speciality of assembling industries. Examples are electronics industry or automobile company or Construction Company.
3. Tertiary Industries: These industries serve as the facilitator of primary and secondary industries. These industries are mainly involved in providing service to the industries, Examples are baking, transportation.