Meaning and Types of Industry

"Industry" refers to production of goods by manufacturing or processing. It converts raw materials into finished goods and thus creates form utility. Goods produced by an industry maybe "consumers' goods" or "producers' goods". Consumer goods are in the form in which consumer wants them e.g. clothe, radio, television, foodstuffs, etc. They directly satisfy human wants. Producers' goods are used by other producers for further production e.g. machinery, factory buildings, plants, tools, etc. Industry may be further divided into four different types.
1. Genetic Industry
2. Extractive Industry
3. Construction Industry
4. Manufacturing Industry