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An industry is generally any grouping of
businesses that share a common method of generating profits,
such as the "music industry", the "automobile
industry", or the "cattle industry". It
is also used specifically to refer to an area of economic
production focused on manufacturing which involves large
amounts of capital investment before any profit can be
realized, also called "heavy industry.". As-of
2004, Financial services is the largest industry (or category
of industries) in the world in terms of earnings. |
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Industry in the second sense became a key
sector of production in European and North American countries
during the Industrial Revolution, which upset previous
mercantile and feudal economies through many successive
rapid advances in technology, such as the development
of steam engines, power looms, and advances in large scale
steel and coal production. Industrial countries then assumed
a capitalist economic policy. Railroads and steam-powered
ships began speedily integrating previously impossibly-distant
world markets, enabling private companies to develop to
then-unheard of size and wealth. Manufacturing is a wealth-producing
sector of an economy. Other sectors such as the service
sector tend to be wealth consuming sectors. Following
the Industrial Revolution, perhaps a third of the world's
economic output is derived from manufacturing industries—more
than agriculture's share. |
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In economics and urban planning, industrial
is an intensive type of land use and economic activity
involved with manufacturing and production. |
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