What are the 4 classification of industry?

In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.

What are the classification of industries explain?

What is the classification of manufacturing industries?
Basis of classificationType of Industry
On the basis of the use of their productsBasic goods industries Capital goods industries Intermediate goods industries Consumer goods industries.

What are the 3 classification of products?

Products are classified as – Non-durable Goods, Durable goods and services on the basis of durability and tangibility.

What are the five main categories of industrial goods?

The types of Industrial goods are raw materials, component parts, major equipment, accessory equipment, operating supplies, and services.

What are the classification of industries Class 12?

Agriculture based industries. Forest based industries. Mineral based industries. Industrially processed raw material based industries.

On the basis of use of finished goods:
  • Basic goods industries.
  • Capital goods industries.
  • Intermediate goods industries.
  • Consumers goods industries.

How are industries classified 8?

Industries are classified: On the basis of raw material: Agro-based industries, Mineral-based industries, Marine-based industries, Forest-based industries. On the basis of size: Small scale industries and Large scale industries.

Why is classification of industrial customers required?

Classification of Industrial products – Industrial products classification. Classification of Industrial products is necessary as it helps decision making for the organization. Industrial goods are classified on the basis of their relative cost and where they enter the production process.

What are the classification of industrial equipment?

Classification according to the type of product/industry:

Textile machinery. Agriculture machines. Fuel production/refineries machinery. Steel or other metal industries machines.

What are the 7 types of product?

Types of Product – Goods, Services, Experiences, Convenience, Shopping, Specialty Goods, Industrial Goods and Consumer Goods.

What are the different ways in which the industries are classified Class 10?

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  • raw meterial- agrobased and mineralbased industries.
  • according to role – basic and consumer.
  • capital investment – small scaled.
  • ownership – public private and joint sector.

What are industries Class 7?

(i) The term ‘industry’ implies an economic activity involving goods production, mineral extraction or provision of consumer services. (iii) The iron and steel industry is said to be the backbone of the modern industry.

How industries are classified in India?

Private Sector: Industries owned by individuals or firms such as Bajaj Auto or TISCO situated at Jamshedpur are called private sector industries. Public Sector: Industries owned by the state and its agencies like Bharat Heavy Electricals Ltd., or Bhilai Steel Plant, or Durgapur Steel Plant are public sector industries.

How the sectors are classified on the basis of ownership class 10?

On the basis ownership industries are classified into private sector, public sector, joint sector and cooperative sector.

What is importance of industries?

The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs. It also eliminates our dependence on other countries for the supply of essential goods.

What is the role of industry?

Industries are very important in the modern economic activities of man. The economic development of any country is decided mainly by the industrial development of that country. Industries are the main features of modern civilization and they provide us the necessary materials and employment opportunities.

How are industries useful?

Industries play an important role in the economic development of any nation . without industries, economic development is impossible. … The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc.

What are the factors affecting industries?

The factors affecting the location of industries are the availability of raw material, land, water, labour, power, capital, transport and market. Industries are situated where some or all of these factors are easily available.

Are basic industries?

Basic industries are those that provide raw materials to other industries to manufacture goods. Further, these industries execute the discovery, development, and processing of raw materials. Examples of basic industries are iron and steel, metallurgical, wood, paper, milling, and chemicals.