An industry is a field in an economy that creates a specific kind of good or service. Examine the article down below to learn more.
Amongst the different types of industries, the secondary sector entails any firm that transforms raw materials that are provided by the primary industry into a product – that can be a ready for use product, or one that is itself used to generate another product. Any business found in the energy sector would also be classified as being part of the secondary sector. Typically, this sector involves any companies that uses fossil fuel, electric power or nuclear power to create their finished product. More recently, many energy companies have started investing more into generating energy from renewable sources like the wind and sun, which is only natural given the growing concern over our ecological state. Illustrations of such businesses that are engaged in the renewable energy field encompass Good Energy and Ecotricity.
Any firm that is linked to the extraction of raw materials would be labeled as being element of the primary industry. Some might not think about it that way, but the agricultural industry is one of the types of primary industry since it extracts raw material, that raw material being food. Some examples of companies involved in the agricultural field include Bayer and BASF. Farming has consistently been a big component of any human society, as our existence depended on it before anything else. In modern times, this sector is still amongst the most important ones in any economy, since it guarantees food security in every country and region. Farming is obviously the largest part of any agricultural sector. These can be publicly held by the government, or they can be private ventures.
In the classification of industry, the finance industry is an example of the tertiary industry. Tertiary industry includes any company that offers some kind of service instead of a tangible good, so making the finance industry the ideal instance of the tertiary industry. Even though we do not often think much about the finance industry, it's one that we commonly come into contact with without even realising. Simply put, finance is the management of money. Every time we buy something at a shop, every time we get our wage, and every time we draw money from an ATM – we utilise the services of the finance sector. All of the above-mentioned instances are facilities provided by a certain type of industry within the finance industry – the banking sector. It's said that ancient temples were the very first institutions to offer services like the ones offered at present by contemporary banks. Even today, banks like La Caixa and Banco of East Asia serve a significant function in a country's economy, as well as the everyday life of practically any person.