Types of Industry
Agricultural Industries
Definition: art and science of crop and livestock production
Foods, Fibers (vegetable, animal, wood, mineral), Fuels (bio-fuels, fossil fuels, nuclear fuels), Raw Materials – naturally
occurring minerals and other objects
Manufacturing Industries
Definition: processing of raw materials into goods
Generally the largest wealth producing sector and uses the largest amounts of labor.
This means it employs the most people!!
Includes: Engineering, Construction, Electronics, Chemicals, energy, textiles, food/beverages, metalworking, plastics
Bakery, Automobile Manufacturing, Furniture Builders, any processing plant
Wholesale Industries
Definition: buying and selling of large quantities of goods for the purpose of re-selling them to retailers and individuals
Retail Industries
Definition: Sell Goods to individual consumers.
second largest sector of industry; most direct link to consumers
Can be divided into two categories:
Retail and Wholesale
Service Industries
Definition: industries that create and provide services rather than tangible goods
Service Industries
Include:
Health care, Information Technology, Maintenance/repair, Banking/Finance, Education, Moving Companies, Internet
Service Providers, Cable/Satellite Companies, Research Companies
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Economic Systems
Traditional Economies
Social roles and culture determine how goods and services are produced, what they charge and who may buy the item.
India has part of a traditional economy.
Command Economies
The government makes all the decisions of price and quantity to produce. Communist governments and countries like
North Korea and Cuba have a command economy.
Market Economies
Individuals determine what to produce, how much and what to charge. Governments will regulate some items of this
economy. Also called a “free enterprise system”
Mixed Economies
Most countries have a mixed economy. China has a command economy but is shifting towards a market. The U.S. is a
market but the government regulates airlines and electric companies.
Industrialized Countries
Most countries in Europe and North America are industrialized. They hold 97% of the rights to inventions. Countries
like Japan and South Korea are also industrialized.
Developing Countries
Many countries in Africa, Asia and Latin America are developing. Industrialized countries build factories there because
of a valuable resource—people.
Problems for both sides
Industrialized
Pollution
High crime rate and drug problems
Protecting their economy
Developing
Increasing population
Poor schools
Not enough jobs
Lack of health services (not enough)
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Types/Levels of Industries & Economic Systems