Basics Of Industry

The Alliance Between Technology and Business

The evolution of industry has surpassed the initial feudal systems and replaced it with manufacture. This revolution has launched European and North American economy in many directions and made them the powers they are today. We have technology to thank for that, as it is the sector of industry which has developed the most. Even today the biggest number of new inventions is inside the scope of technology. By growing rapidly technology has also influenced other sectors and helped different industries prosper significantly. Administration has changed, factories are different, even employment has become more lenient once were working with technology on our side. Most developed countries today depend on technology. The underdeveloped, on the other hand, still depend mostly on manufacturing.

Companies and Classification

business technologyIndustry has a variety of sectors and in these sectors, there are different businesses. In order to group them, they need to have a similarity. The common elements can be found in product, activity or management. For example, businesses which deal with selling daily groceries would fall into the same category. Another example would be companies which manufacture technological devices which would be grouped in the same sector of the industry.

The decisive factor for discerning which industrial sector a company would be grouped into depends primarily on their main activity. The main activity of a company means what does do company do and what does it offer to customers. If a company produces cars – it is a car manufacturing industry.

First Sector

The primary sector of industry includes dealing with natural resources and raw materials. This category includes fishing, agriculture, and mining. The first sector can only develop in accordance with the geographical region. This means that people will work with what nature offers them. This is why some of the businesses in this sector are family businesses. People who have been fishermen for many generations will inevitably pass on the knowledge to their children. The same is true of for agriculture since it’s the main source of income for farmers and their families.

Second Sector

This sector of industry is mainly concerned with any type of processing. It is all about turning raw material and natural resources into products. It also depends on the geographical region you find yourself in. This scope of industry has to do with not only processing but shaping, constructing and manufacturing material into products. For example, if mining for gold is in the first sector then making gold jewelry is in the second sector. Also, any products you make from agricultural produce would fall into this sector.

Third Sector

This sector is distinctly different from the first two because it does include specific products.The tertiary scope of industry includes providing services, the entertainment business and offering financial services such as accounting. More and more people wonder if teaching and holding private lessons would fall into this category since it does provide a form of service. Some wonder if it is a different sector altogether which would have to with intellectual work.