Industry is that part of business which connected with the production of goods and services. It is a place where the raw material is converted into finished or semi-finished goods which have the ability to satisfy human needs or can be used in another industry as basic material. Owner of the industry who is engaged in the work of production is known as industrialist producer or manufacturer. Industry can be classified as following:
1. Primary Industry
Primary industry is engaged in the production or extraction of raw materials or resources, which are used in secondary industry. Primary industry can be divided into two parts:
(a) Extractive Industry:
In this industry, hidden resources below or beneath the surface of earth are extracted. All kinds of mining are the example of such industry. E.g. extraction of oil, gas, coal etc.
(b) Genetics Industry:
Genetic industry is an industry engaged in the reproduction or multiplication of certain species of plants and animals. Plant nurseries, poultry farms and cattle breeding farms (animal husbandry) are the main examples of genetic industry.
2. Secondary Industry
These industries are raw materials to make useful goods of another form. This industry also contributes by making goods more profitable and useful by completing semi-finished and incomplete goods or by changing their former design. Raw material for these industries is obtained from primary industry. It can be divided into parts:
(a) Manufacturing Industry:
This industry is concerned with the processing or transformation of raw material and semi-finished products into finished products. Such industry changes the shape and form of materials produced by genetic and extractive industries.
(b) Constructive Industry:
This industry is engaged in the construction of buildings, bridges, roads, dams, etc. It utilizes the products of manufacturing industries such as bricks, steel and cement, etc.