Types of Industries

April 22, 2020

Good morning boys! Let us start with the types of business activities and our first type is Industry which we are going to study in detail today.

Learning outcomes- At the end of the topic, students will be able to-
1) Explain the various types of industries.
2) Identify the type of industry with the help of its example.
3) Differentiate between the types of industries.

Q.11 What is meant by Industry? Explain the types of industries. ( 1+5=6)
Ans - Industry involves all economic activities connected with conversion of resources into useful goods. For example -textile industry  and electronic industry. The industries can be divided into three categories -

1.PRIMARY INDUSTRIES- It includes all activities related to extraction and production of natural resources and reproduction of plants and animals. They ate divided into two parts -
a) Extractive Industries- These industries draw or extract products from natural resources .They are either directly consumed or supplied as raw materials to the other industries for transformation into useful goods.For example -farming ,hunting, mining, fishing, etc.
b)Genetic Industries- These Industries engage in breeding of plants and animals for further reproduction .For example- plant nurseries ,pisciculture, animal husbandry, poultry farming, etc.

2. SECONDARY INDUSTRIES
They process raw materials supplied by primary Industries to produce goods  for further  processing by the other industries or for final consumption. For example- Mining of iron ore is the primary industry whereas conversion of steel is a secondary industry. It  can be divided into the following types-

a) Manufacturing Industries- They are engaged in processing of raw materials into finished goods for consumption or  further production . It can be classified as follows-
i) Analytical Industry- They analyse and  separate different elements from the same raw material to produce various finished products. For example- Oil  refining  where crudr oil is processed into various  finished products like petroleum,  diesel , kerosene , etc.
ii) Synthetic Industry- These industries mix different ingredients to produce a new product. For example- Cement industry,  cosmetic industry , etc.
iii)Processing industry - They follow successive stages or processes to convert raw materials into finished goods. For example- Textile industry, Paper industry ,Sugar industry , etc.
iv) Assembling Industry- They assemble different components to  make a new product .  For example- Automobile industry , television industry, computer, watches, etc.
2. Construction Industries-  They are engaged in the construction of roads, dams, flyovers,  buildings, etc.  They need engineering,  architectural and technical skills.  For example-  DLF Construction Company,  Larsen and Toubro, etc.

3. Tertiary Industries-
a) They provide supporting services to primary and secondary industries and to all activities related to trade.
b) They assist trade as auxiliaries to trade and thus can be part of commerce as well. For example- Banking, Transportation, Advertising, Insurance, Packaging, Warehousing, etc.

Now, watch the video given below for better undersdanding of the topic: