Meaning Of Industrialization: Types Of Industry

Economics

Table Of Contents

  • Meaning Of Industry
  • Types Of Industry

Meaning Of Industry: Industry has two meaning:

1. Generally speaking, It refers to any commercial activity that provides goods and services. Examples are: The Advertising, Hotels, Tourism and The Entertainment Industries.

2. Economically Speaking, It is the collection of individuals firm producing similar commodities. Examples are: The beer industry comprising beer breweries firm, The soap industry makeup of all the soap and the detergents manufacturing firms, petroleum industry where we have Dan dollars, Tonimas, Total, etc.

A firm is the basic unit within which factors of production are organised for the purpose of producing wealth.

A firm is an entity which specialize in the production and distribution of goods under one administration of management while an Industry is a group of firms producing similar products under separates administrations or management.

Types Of Industry

1. Agricultural Industry: This includes all the firms that are engaged in cultivating the lands, growing crops and rearing of animals for food. Nigeria has a comparative advantage in Agro-allied industry.

2. Manufacturing Industry: This includes all the firms that are engaged in transforming the raw materials into finished commodities by mechanical or chemical means. Examples are: industries which manufactures cement, beverages, plastics, glass, textiles, radio sets etc.

3. Mining And The Oil Industry: This comprises firms that digs the ground for minerals or drill for oil. Examples are: Industries that discover and extracts iron ore, gold, crude oil, limestone, zinc, etc.

4. Construction Industry: This comprises firms that are engaged in building houses, dams, factories, airport, seaports, stadiums, modern markets and a construction trade such as plumbing, electrical work.

5. Transportation Industry: This concerns firms that engage in the movement of passengers and the goods from one place to another.

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