Economic Industry
An Economic Industry is a economic activity category associated with the production or provision of specific sets of raw materials, goods, or services.
- Context:
- It can range from being a Labor-Intensive Industry to being a Labor-Light Industry.
- It can range from being a Capital-Intensive Industry to being a Capital-Light Industry.
- It can range from being a Heavy Industry to being a Light Industry.
- It can (typically) be associated with a Market.
- …
- Example(s):
- Service Industries, such as:
- Healthcare Industry which includes hospitals, clinics, and pharmaceutical companies.
- Financial Industry which encompasses the Banking Industry, Insurance Industry, and other financial services like investment banking.
- Retail Industry which covers both food-related retail and consumer goods retail.
- IT Industry which includes the Software Industry, Consumer Electronics Industry, and Robotics Industry.
- Education Industry that includes schools, colleges, universities, and training centers.
- Advertising Industry which involves marketing agencies, PR firms, and media companies.
- Legal Industry which includes law firms, legal consultancy services, and corporate legal departments.
- Manufacturing Industries, such as:
- Automotive Industry which designs, manufactures, and sells motor vehicles.
- Food Industry which includes sub-industries like agriculture, food-related manufacturing, food-related transportation, food processing, and food-related marketing.
- Telecom Industry which provides global communication services.
- Entertainment Industry, including the video gaming industry and movie industry.
- Raw Material Industries, such as:
- Wood Industry which involves the production and processing of wood products.
- Mining Industry which extracts minerals and other geological materials.
- Transportation Industry which includes companies involved in the movement of goods and people, such as airlines, railroads, and shipping companies.
- ...
- Service Industries, such as:
- Counter-Example(s):
- an Academic Discipline which, while a branch of study.
- a Government Body such as a city council or a regulatory agency.
- a Non-Profit Organization, which may provide services or goods but not with the primary aim of economic profit or market competitiveness.
- a Cultural Institution like museums or libraries, which serve to preserve and disseminate knowledge and culture without a direct focus on economic production.
- See: Industrial Era, Business-to-Consumer Product, B2B, B2G, Industry Conference, Profession, Expert, Customer, Customer Service, Profit, Economic Market, Economic Sector, Diversification (Marketing Strategy).
References
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/industry_(economics) Retrieved:2021-3-17.
- In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry or the insurance industry. For a single group or company, its dominant source of revenue is typically used to classify it within a specific industry. However, a single business need not belong to one industry, such as when a large business is diversified across separate industries (often referred to as a conglomerate).
Because industries are tied to specific products, processes, and consumer markets, they can evolve over time. One distinct industry (for example, barrelmaking) may become limited to a tiny niche market and mostly absorbed into another industry using new techniques. At the same time, entirely new industries may branch off from older ones once a significant market becomes apparent (as the semiconductor industry developed from the wider electronics industry).
Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. However, more complex cases, such as otherwise different processes yielding similar products, require an element of standardization and prevent any one schema from fitting all possible uses.
Economic theories group industries further into economic sectors.
- In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry or the insurance industry. For a single group or company, its dominant source of revenue is typically used to classify it within a specific industry. However, a single business need not belong to one industry, such as when a large business is diversified across separate industries (often referred to as a conglomerate).
2016
- (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/industry Retrieved:2016-9-27.
- Industry is the production of goods or related services within an economy. [1] The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This come through many successive rapid advances in technology, such as the production of steel and coal.
Following the Industrial Revolution, possibly a third of the world's economic output is derived that is from manufacturing industries. Many developed countries and many developing semi-developed countries (People's Republic of China, India etc.) depend significantly on manufacturing industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.
- Industry is the production of goods or related services within an economy. [1] The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This come through many successive rapid advances in technology, such as the production of steel and coal.
2013
- http://en.wikipedia.org/wiki/Industry
- Industries can also be identified by product: chemical industry, petroleum industry, automotive industry, electronic industry, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertain ent industry, semiconductor industry, cultural industry, poverty industry.
- labour intensive industry - capital-intensive industry
- light industry - heavy industry
- Industries can also be identified by product: chemical industry, petroleum industry, automotive industry, electronic industry, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertain ent industry, semiconductor industry, cultural industry, poverty industry.
2009
- (WordNet, 2009) ⇒ http://wordnetweb.princeton.edu/perl/webwn?s=industry
- S: (n) industry (the people or companies engaged in a particular kind of commercial enterprise) "each industry has its own trade publications"
- S: (n) industry, manufacture (the organized action of making of goods and services for sale) "American industry is making increased use of computers to control production"
- S: (n) diligence, industriousness, industry (persevering determination to perform a task) "his diligence won him quick promotions"; "frugality and industry are still regarded as virtues"