Production of goods for sale by the application of human or mechanical power is called industry. In other words, the term industry refers to the productive aspect of business.
Classification of Business industry
On the basis of types of goods produced, is as follow. On the basis of nature and type of goods produced and services provided, industry may be classified as:
- Extractive
- Genetic
- Manufacturing
- Constructive and
- Service Industry.
Genetic Industry
The word ‘genetic’ means parentage or heredity. Genetic industries are concerned mainly with producing – breeding or multiplying of certain species of plants or animals with the object of earning profits from their sale. Examples of these types are nurseries, forestry, cattle breeding and commercial kennels. Animal husbandry is types of Genetic Industry.
Extractive Industry
These industries are concerned with the Extractive o f materials from the earth, sea and air. It includes raising and collection of the natural products of the soil for the subsistence of human beings, such as mining, fishing and hunting, etc. In most of the case, extractive industries are just directed to change the location of the commodities and making thing more useful to mankind.
Manufacturing Industry
They are concerned with the converting of the form of the raw materials and semi-manufactured goods into finished products. The process of manufacturing things changes the form of the articles extracted from earth, sea and air, and makes it more useful to the consumer by adding new utilities too. Textile Engineering and steel may be mentioned as a few examples of the man faction industries
Manufacturing industry may be subdivided in to-
- Analytical industry: In analytical industry, the raw material is broken down into several useful materials. For example an oil refinery separates crude oil into kerosene, gasoline, diesel oil and petrol, etc.
- Synthetically industry: These industries put together two or more materials to form a new product such as pasties, concrete, gypsum and coals are mixed up to produces cermets.
- Processing industry: These industries are concerned with the processing of raw materials through different stages of production. Textiles, steel, etc. may be mentioned as examples of processing industry.
- Assembling industry: these industries are angered in bringing together various components or parts of bicycles, television, radio and these are some example of assembling industries.
Construction Industry
Construction industry is also an impotent industry. Construction of bridge, building, road tunnel, over-drudge, fly over, factory balding, etc. come under construction industry.
Service Industry
The industry, which earns profit by giving service, is known as service industry. Institution institutions like clinic, private hospital, hotel, etc are examples of service industry.