What Different Types of Industries Are There?
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.
The biggest countries by industrial output are China, the United States, Japan and Germany. 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.