The term industry is derived from a Latin word “industrius,” which means diligent. Generally, industry is referred as a category within which manufacturing of goods and services takes place. It is a very broad term used for any kind of economic production. However, in economics and urban planning, the term industry is a synonym for the secondary sector, which deals with manufacturing of raw materials into goods.
Industrial sector can be categorized into four key elements such as:
- Primary sector
- Secondary sector
- Tertiary sector
- Quaternary sector
Public sector and private sector are the two broad sections in any economy, where industry falls under private sector. During the Industrial Revolution, Industry became a vital part of the production section in European and North American countries. This revolution brought successive rapid advances in technology, especially in the production of steel and coal.
Technological advancement is considered to be one of the main elements which led to the development of new forms of industries. With the establishment of capitalistic economy, various industries were able to expand and establish links with previously unreachable world markets.
It is also believed by many economists that one third of world's total economic output is derived from the manufacturing industries. Both developed and developing countries depend significantly on industry.
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