A group of business enterprises which produce or supply goods or services. Industries can be classified into several types. Primary industries are those based on the use of the earth for cultivation (eg agriculture, forestry, fishing) or the extraction of raw materials (eg mining, quarrying). Secondary industries (or manufacturing industries) are those which process raw materials into consumer products and components; they are often divided into heavy industries, involving the large-scale use of plant, machinery, personnel, and output (eg iron and steel, machinery, cement) and light industries, involving production on a much smaller scale (eg textiles, electronics, food processing). Under the heading of manufacturing industries are also included those industries which are involved with the production of electricity. Tertiary industries (or service industries) are those which do not produce goods, but provide support for other areas of the economy (eg banking, law, defence, insurance) or are concerned with quality of life (eg tourism, entertainment, education).
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An industry is generally any grouping of businesses that share a common method of generating profits, such as the "music industry", the "automobile industry", or the "cattle industry". Usually an industry is also used specifically to refer to an area of economic production focused on manufacturing which involves large amounts of capital investment before any profit can be realized, also called "heavy industry.". As of 2004, Financial services is the largest industry (or category of industries) in the world in terms of earnings.
Industry in the second sense became a key sector of production in European and North American countries during the Industrial Revolution, which upset previous mercantile and feudal economies through many successive rapid advances in technology, such as the development of steam engines, power looms, and advances in large scale steel and coal production.
History
Early industries involved manufacturing goods for trade, including weapons, clothing, pottery.
Industrial development
Declining industries
Historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage.
Industrial technology
There are several branches of technology and engineering specialised for industrial application. See automation, industrial architecture, industrial robot, industrial design, industrial process, industrial arts and industrial applicability.
Industry sectors and classification
There are many different kinds of industries, and they are usually divided into different classes or sectors. The secondary sector of industry is manufacturing - which is what is colloquially meant by the word "industry".
light industry - heavy industry labor-intensive industry - capital-intensive industry By product: chemical industry, petroleum industry, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, poverty industryIndustry and society
An industrial society can be defined in many ways. A government must have some kind of industrial policy, regulating industrial placement, industrial pollution, financing and industrial labor.
Industrial labor
In an industrial society, industry employs a major part of the population.
See also industrial sociology, industrial and organizational psychology, industrial district, industrial park.
Industry and war
See industrial warfare, military-industrial complex, arms industry, military industry and mobilization.
Industry and environment
See pollution
Organization, management and economics
See industrial loan company, industrial management and industrial economics.
Economic views of industry
Philosophers and economists have developed many different views of industry.
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