Learn underneath about what is industry and its types: three cool examples

An industry is a sector in an economy that produces a certain type of good or service. Read the post down the page to learn more.

In the classification of industry, the finance industry is an instance of the tertiary industry. Tertiary industry entails any firm that offers some type of service instead of a tangible good, therefore making the finance industry the ideal instance of the tertiary industry. Though we don't commonly think much about the finance sector, it's one that we often come into contact with without even realising. To put it simply, finance is the management of money. Each time we buy something at a shop, every time we receive our salary, and every time we draw money from an cash dispenser – we utilise the services of the finance industry. All of the above-mentioned examples are facilities given by a specific type of sector within the finance industry – the banking sector. It's said that ancient temples were the very first organizations to offer services like the ones offered today by modern banks. Even today, banks like La Caixa and Banco of East Asia serve a significant function in a country's economy, along with the everyday life of basically any individual.

Amidst the various types of industries, the secondary industry entails any business that converts raw materials that are brought by the primary industry into a product – that can be a ready for use product, or one that is itself utilized to generate another product. Any business found in the energy sector would also be classified as belonging to the secondary industry. Customarily, this sector involves any organisations that uses fossil fuel, electric power or nuclear power to generate their finished product. More freshly, many energy businesses have started investing more into producing energy from renewable sources like the wind and sun, which is just natural given the increasing worry over our ecological state. Cases of such companies that are engaged in the renewable energy sector include Good Energy and Ecotricity.

Any firm that is associated with the extraction of raw materials would be classified as being element of the primary industry. Some might not think about it that way, but the agricultural sector is one of the types of primary industry since it extracts raw material, that raw material being food. A few instances of businesses involved in the agricultural sector consist of Bayer and BASF. Farming has consistently been a huge part of any human civilisation, as our existence depended on it before anything else. Today, this industry is still among the most essential ones in any economy, since it guarantees food security in every country and region. Farming is of course the greatest aspect of any agricultural sector. These can be publicly operated by the government, or they can be private businesses.

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