An industry is a specific branch of economic activity that groups together companies based on their primary business functions, products, or services.
Economists broadly classify the global economy into four main industry sectors that track how a product moves from a raw material to a finished service. 1. Primary Industry (Extraction)
Definition: Companies involved in harvesting or extracting natural, raw materials directly from the earth or sea.
Examples: Agriculture, mining, commercial fishing, oil extraction, and forestry. 2. Secondary Industry (Manufacturing)
Definition: Businesses that take raw materials from the primary sector and process or refine them into finished, tangible goods.
Examples: Automotive manufacturing, aerospace engineering, food processing, and textile mills. 3. Tertiary Industry (Services)
Definition: Businesses that provide intangible services, commercial experiences, or distribution channels rather than physical goods.
Examples: Healthcare, retail, hospitality, banking, and transportation. 4. Quaternary Industry (Knowledge & Innovation)
Definition: The intellectual, knowledge-based sector of the economy focused on technological advancement and information processing.
Examples: Information technology (IT), scientific research and development (R&D), and digital data services. Key Economic Distinctions
‘It’s always been bleak – but it’s got even darker’: How Industry … – BBC
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