Industry Flashcards, test questions and answers

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What is Industry?

The term industry is a broad one that encompasses the production and sale of goods, services, and commodities. It includes everything from agriculture to manufacturing to technology. The industrial sector is an essential part of any economy as it creates jobs, produces products for consumers, provides capital investments, and serves as a major tax base.Industries can be divided into four main categories: primary industries (agriculture and mining), secondary industries (manufacturing), tertiary industries (services) and quaternary industries (information technology). Primary industries extract natural resources from the environment such as timber or minerals, while secondary industry processes these raw materials into finished products for purchase by consumers. Tertiary sectors provide services such as healthcare or banking; finally, quaternary sectors are concerned with information technologies like software development or telecommunications.Over time, various types of industry have developed in different countries depending upon their economic conditions and needs. For example, in the United States during the Industrial Revolution in the 19th century there was a shift towards industrialization with mass production becoming increasingly important. This led to advances in transportation technologies like trains which enabled goods to be moved quickly across long distances while also providing new markets for manufactured goods created at factories located near cities. In more recent years globalized economies have seen further changes due to increased competition among nations leading to outsourcing or offshoring of jobs in certain sectors such as IT or call centers.Regardless of what type of industry it is involved with each nation must ensure that its businesses remain competitive if it hopes to remain successful over time on both local and international levels. Governments may support businesses through taxation incentives or subsidies but ultimately companies will need access to skilled labor pools who understand their business needs so they can produce quality products efficiently at lower costs than their competitors abroad.