Sunday Emmanuel

@sundayemmanuel · 25 Nov 2021

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What are industries

An industry is a group of companies that are related based on their primary business activities. ... Individual companies are generally classified into an industry based on their largest sources of revenue. The products are consumer goods as well as producer's goods. Consumer goods are goods, which are used finally by consumers. E.g. Foodgrains, textiles, cosmetics, VCR, etc. Producer's goods are the goods used by manufacturers for producing some other goods. E.g. Machinery, tools, equipment, etc.

Types of industries

Extractive industry: those who are engaged in extractive industry are people who bring out both food and raw materials from the land and sea. These people include farmers, fishermen, miners, Foresters e.t.c.items as gold, crude oil, iron, diamond, yam, maize, cassava, rice, fish, timber,e.t.c.are product of extractive industry.

Manufacturing industries: this is the process whereby raw materials like cotton, rubber, iron- ore, etc. Are turned into finished goods like tires, cloth fabrics, steel, etc. Manufacturers create utility by changing raw materials to finished goods. for example, the use of rubber to produce tires, the use of iron-ore to produce iron sheet and steel material, the use of cotton to produce cloth fabrics, etc.

Constructive industries: the constructive industry is engaged in the construction of roads, Bridges, dams, jetties, houses, and other infrastructures. constructors, engineers, and technicians and known to be engaged in the constructive industry.

Commercial industries: production is said to be complete if, and only if, the finished product reaches the final consumer. The Extractive industry provides us with raw materials and the manufacturing industry provides the finished products, while the commercial industry ensures that the finished product gets to the final consumers through distribution. Finished goods should be distributed to the doorsteps of final consumers before production can be said to have been completed. Services are carried out by the commercial industries.

Direct and indirect services:Direct and indirect facilities or aid the work of those engaged in the other industries. lawyers, teachers, doctors, and entertainers render direct service. while the service of policemen, and the army, etc. are indirect services, since they are not rendered directly to individuals but, to society, though individual benefits from it. Direct and indirect services make industries and commerce more efficient through direct contributions e.gthrough education, medical treatment, amusement, maintenance of law and order, protection of lives and properties including the society as a whole.@Henkjan de Krijger #whatareindustries #typesofindustries