Industry, a term which refers loosely to the provision of goods and services, is something that drives society today. Without a variety of industries, our society would cease to exist as we know it. You probably already knew this. But did you know that industry can be divided into four major different sectors that are each important to the way that our world operates?The four sectors of industry are:
- Extraction of Raw Materials. This refers to parts of industry like mining.
- Refining and Manufacturing. This is the part where those raw materials are made useful.
- Services and Distribution. This refers to everything from goods being distributed to the legal services that oversee that distribution.
- Knowledge Industry. This is the relatively new area of industry which relates to the technological research that underlies advancement in the other three areas.
Each of these sectors of industry is critical to the economy of any given nation and they must each interact with the others to create the fabric of society. In developed nations, the knowledge industry is particularly important to the growth and continuation of the other sectors. As developing nations grow, they will also have a heavier reliance on this economic sector of industry.
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