industry (redirected from Industrial development)

industry

Group of productive 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. Primary industry includes agriculture, forestry, fishing, mining, quarrying, and extracting minerals. Secondary or manufacturing industry processes the raw materials supplied by primary industries into consumer goods, or further processes goods from other secondary industries, or builds capital goods used to manufacture consumer and nonconsumer goods; secondary industry also includes energy-producing industries and the construction industry. Tertiary or service industry includes banking, finance, insurance, investment, and real estate services; wholesale, retail, and resale trade; transportation, information, and communications services; professional, consulting, legal, and personal services; tourism, hotels, restaurants, and entertainment; repair and maintenance services; education and teaching; and health, social welfare, administrative, police, security, and defense services.

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industry

1. organized economic activity concerned with manufacture, extraction and processing of raw materials, or construction

2. a branch of commercial enterprise concerned with the output of a specified product or service