Clarify the term industry and its types. With examples.

The production side of business activity is referred as industry. It is a business activity, which is related to the raising, producing, processing or manufacturing of products. ... Producer's goods are the goods used by manufacturers for producing some other goods. E.g. Machinery, tools, equipments, etc.

Explanation:

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Various types of industries are: Primary- Industries which deal with obtaining or offering raw materials which are processed as commodities for the customers. Example: Farming, Fishing. Secondary- Industries which are essentially manufacturing or assembling industries

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Industry, a group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are customarily classified as primary, secondary, and tertiary; secondary industries are further classified as heavy and light.

Explanation:

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