Industry

Industrial sectors

Main article: Industrial organization
Further information: Industrial loan company


Clark's Sector Model (1950)
Farming- The secondary sector,involving refinery refining,construction,and manufacturing;The Tertiary sector,which deals with services (such as law and medicine) and distribution of manufactured goods;And the Quaternary sector, a relatively new type of knowledge industry focusing on technological R&D research,design and development such as computer programming, and biochemistry. A fifth, quinary, sector has been proposed encompassing nonprofit activities. The economy is also broadly separated into public sector and private sector, with industry generally categorized as private. Industries are also any business or manufacturing. Industries can be classified on the basis of raw materials, size and ownership.
Raw Materials: Industries may be agriculture based, Marine based, Mineral based, Forest based.
Size: It refers to the amount of capital invested, number of people employed and the volume of production.

Ownership: Industries can be classified into private sector, state owned or public sector, joint sector and co-operative sector
Industry in the sense of manufacturing became a key sector of production and labour in European and North American countries during the Industrial Revolution, which upset previous mercantile and feudal economies through many successive rapid advances in technology, such as the steel and coal production. It is aided by technological advances, and has continued to develop into new types and sectors to this day. Industrial countries then assumed a capitalist economic policy. Railroads and steam-powered ships began speedily establishing links with previously unreachable world markets, enabling private companies to develop to then-unheard of size and wealth. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries—more than agriculture's share.
Many developed countries and many developing/semi-developed countries (People's Republic of China, India etc.) depend significantly on industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.
Industry is divided into four sectors. They are:
Sector Definition
Primary This involves the extraction of resources directly from the Earth, this includes farming, mining and logging. They do not process the products at all. They send it off to factories to make a profit.
Secondary This group is involved in the processing products from primary industries. This includes all factories—those that refine metals, produce furniture, or pack farm products such as meat.
Tertiary This group is involved in the provision of services. They include teachers, managers and other service providers.
Quaternary This group is involved in the research of science and technology. They include scientists.
As a country develops people move away from the primary sector to secondary and then to tertiary.
There are many other different kinds of industries, and often organized into different classes or sectors by a variety of industrial classifications.
Industry classification systems used by the government[which?] commonly divide industry into three sectors: agriculture, manufacturing, and services. The primary sector of industry is agriculture, mining and raw material extraction. The secondary sector of industry is manufacturing. The tertiary sector of industry is service production. Sometimes, one talks about a quaternary sector of industry, consisting of intellectual services such as research and development (R&D).
Market-based classification systems such as the Global Industry Classification Standard and the Industry Classification Benchmark are used in finance and market research. These classification systems commonly divide industries according to similar functions and markets and identify businesses producing related products.
Industries can also be identified by product: chemical industry, petroleum industry, automotive industry, electronic industry, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, poverty industry
labor-intensive industry - capital-intensive industry
light industry - heavy industry

Declining industries

Main article: Deindustrialisation
Historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in carriage manufacturing when the automobile was mass-produced.
A recent trend has been the migration of prosperous, industrialized nations toward a post-industrial society. This is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturing is relocated to economically more favourable locations through a process of off-shoring.
The major difficulty for people looking to measure manufacturing industries outputs and economic effect is finding a measurement which is stable historically. Traditionally, success has been measured in the number of jobs created. The lowering of employee numbers in the manufacturing sector has been assumed to be caused by a decline in the competitiveness of the sector. The truth however is that it has been caused by the introduction of the lean manufacturing process. Eventually, this will lead to competing product lines being managed by one of two people, as is already the case in the cigarette manufacturing industry.
Related to this change is the upgrading of the quality of the product being manufactured. While it is easy to produce a low tech, low skill product, the ability to manufacture high quality products is limited to companies with a high skilled staff.
[edit]Society

Main article: Industrial society
An industrial society can be defined in many ways. Today, industry is an important part of most societies and nations. A government must have some kind of industrial policy, regulating industrial placement, industrial pollution, financing and industrial labor.

Primary - Secondary - Tertiary