There are many different industry sectors across the globe, including mining, construction, manufacturing, retail, transportation, healthcare, education and agriculture. The definition of an industry is the production of goods or services within an economy.Know More
The biggest countries by industrial output are China, the United States, Japan and Germany as of 2014. The European Union's combined industrial output exceeds China's output. There are many classifications of industries with the primary, secondary and tertiary classes being classic industry sectors but with quaternary and quinary sectors being used in more modern industries.
A primary industry is one that extracts resources from the Earth, such as farming and mining. Primary industries do not process the materials and sell the resources for profit. Secondary industries are those that process the resources extracted by primary industries. These include metal refining, meat packing and furniture production. Tertiary industries are those that sell and deliver the goods made by secondary industries. This includes the retail sector, and shipping companies.
Quaternary industries are involved in research and the design of technology and hire scientists, doctors, lawyers and engineers. The quinary sector includes all decision making in the economy and society including governmental sectors, healthcare, the media and education.Learn More
There are four classifications of inventory: raw material; work-in-process; finished goods; and maintenance, repair and operating supplies, or MRO goods. One or more of these inventory types are predominately used, depending upon the type of business or firm.Full Answer >
Food service operations include all companies, organizations and individuals who prepare, supply and serve food outside of the home environment. This includes restaurants, catering operations, institutional catering, hotels and quick service operations.Full Answer >
Benefits of mining include supply of raw materials needed for construction of roads and hospitals or manufacturing of products, such as automobiles; employment creation; source of income; and foreign exchange for the mining country. Mined substances are used to build houses and make computers and satellites. Electricity is also generated from mined materials.Full Answer >
Secondary industries are those that manufacture products for individuals to use, and they include the construction and production industries. The secondary industry is in contrast to the primary industry, which produces raw materials like natural resources, and the tertiary industry, which focuses on services needed by the primary and secondary industries.Full Answer >