Industry

This article is about industry in relation to economics. For other uses, see Industry (disambiguation).

industry: Definition, Synonyms from Answers.com
industry n. , pl. , -tries . Commercial production and sale of goods. A specific branch of manufacture and trade: the textile industry
www.answers.com/topic/industry

This article has multiple issues. Please help improve the article or discuss these issues on the talk page. It needs additional references or sources for verification. Tagged since February 2009. It may require general cleanup to meet Wikipedia's quality standards. Tagged since December 2006. GDP composition of sector and labour force by occupation. The green, red, and blue components of the colours of the countries represent the percentages for the agriculture, industry, and services sectors, respectively.

There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving 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 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.

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 (for example the UK, the U.S., and Canada) 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.

Clark's Sector Model (1950) Contents 1 History 1.1 Proto-industry 1.2 Industrial development 1.3 Declining industries 2 Industrial technology 3 Industry and society 3.1 Industrial labour 3.2 Industry and war 4 Industry and the environment 5 Organization, management, and economics 6 Economic views of industry 7 Industry sectors and classification 7.1 ISIC 8 See also 9 References // History Main article: Industrial history See also: List of countries by industrial production growth rate Proto-industry Main article: Proto-industrialisation

Early industries involved manufacturing goods for trade. In medieval Europe, industry became dominated by the guilds in cities and towns, who offered mutual support for the member's interests, and maintained standards industryworkmanship and ethical conduct.

Industrial development Main article: Industrialisation

The industrial revolution led to the development of factories for large-scale production, with consequent changes in society. Originally the factories were steam-powered, but later transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to assemble parts in a repeatable fashion, with individual workers performing specific steps during the process. This led to significant increases in efficiency, lowering the cost of the end process. Later automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot.

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 more economically-favorable locations through a process of offshoring.

Industrial technology Main article: Industrial technology

There are several branches of technology and engineering specialised for industrial application. This includes mathematical models, patented inventions and craft skills. See automation, industrial architecture, industrial design, industrial process, industrial arts and industrial applicability.

Industry and 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.

Industrial labour Main article: Industrial labour Further information: industrial sociology, industrial and organizational psychology, industrial district, and industrial park

In an industrial society, industry employs a major part of the population. This occurs typically in the manufacturing sector. A labor union is an organization of workers who have banded together to achieve common goals in key areas such as wages, hours, and working conditions, forming a cartel of labor. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labor contracts with employers. This movement first rose among industrial workers.

Industry and war Main article: Industrial warfare

The industrial revolution changed warfare, with mass-produced weaponry and supplies, machine-powered transportation, mobilization, the total war concept and weapons of mass destruction. Early instances of industrial warfare were the Crimean War and the American Civil War, but its full potential showed during the world wars. See also military-industrial complex, arms industry, military industry and modern warfare.

Industry and the environment Further information: Pollution and Industrial ecology Organization, management, and economics Main article: Industrial organization Further information: Industrial loan company Economic views of industry

Philosophers and economists have developed many different views of industry. See physiocrats, Adam Smith, capitalism, Marxism and Colin Clark's Sector model.

Industry sectors and classification

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 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, 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 ISIC

ISIC (Rev.4) stands for International Standard Industrial Classification of all economic activities, the most complete and systematic industrial classification made by United Nations Statistics Division.

ISIC Rev.4 is a standard classification of economic activities arranged so that entities can be classified according to the activity they carry out. The categories of ISIC at the most detailed level (classes) are delineated according to what is, in most countries, the customary combination of activities described in statistical units, and considers the relative importance of the activities included in these classes.

While ISIC Rev.4 continues to use criteria such as input, output and use of the products produced, more emphasis has been given to the character of the production process in defining and delineating ISIC classes.

See also Wikimedia Commons has media related to: Industries Main article: Outline of industry North American Industry Classification System North American Product Classification System Standard Industrial Classification Industry information References

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