Industry is often classified into three sectors: primary or extractive, secondary or manufacturing, and tertiary or services
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 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. |
| Quinary Sector | Some consider there to be a branch of the quaternary sector called the quinary sector, which includes the highest levels of decision making in a society or economy. This sector would include the top executives or officials in such fields as government, science, universities, nonprofit, healthcare, culture, and the media. |
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.
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