An industry is a type of economic activity where products are created and raw materials are handled by powerful machinery. A set of businesses with comparable business practices that generate the same goods or services is referred to as an industry.
There are four types of industries:
- Primary industries
- secondary industries
- tertiary industries
- quaternary industries
Agriculture, mining, fishing, and other activities involving the extraction and processing of natural resources are considered primary industries. All manufacturing industries fall under this category since secondary industries require manufacturing. The function of primary and secondary sectors is crucially facilitated by tertiary enterprises, which offer a service. IT is an example of a quaternary industry that is tied to research and development.