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Industry:
. . . a commercial enterprise classification within an economic sector. Industry sectors are distinguished from one another by the types of business operations each lists inclusive of specified similarity of product or service—See definition of industry classification.
Industry can refer to activity in that part of an economy specifically concerned with extraction and processing of raw materials as well as manufacturing and construction.
Industry refers to systematic work or labor as well as ownership and management of enterprises. There are various instances of labor and management clashes occurring in the wake of industrial revolution. Labor and management being at odds is a factor is the industrial development process wherein one community loses while another gains as business decision makers choose relocation and become prospects of locations seeking economic development. Relocation projects are site selection projects.
Likely referred to as industrial development at the community level, the definition of industrialization means conversion of an economy from a pre-industrial to industrial state.
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economic sector:
A sector is a part of something, which is this case is a system of . . . production, distribution, and consumption of goods and services within the context of the material welfare of people and the places where they live, work, and share things in common (source of quote). The definition of sector and the quote combined make a definition of economic sector. The following five sectors are generally recognize as making up a whole economic system in the view of many economists:
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1. primary sector of an economy: |
| agriculture, forestry, mining and use of other natural resources |
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2. secondary sector of an economy: |
| manufacturing, engineering and construction |
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3. tertiary sector of an economy: |
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4. quaternary sector of an economy: |
| information technologies, libraries, research, education, cultural industries, government |
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5. quinary sector of an economy: |
| ownership and management, non-profit leadership, higher-level intellectual endeavors |
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Suggestions italicized below are for you to search for more information about economic sectors. Copy what interests you to the search engine provided. Several suggestions are linked so that you can choose to either Google the Web or access definitions in the Enterprise & Economic Development Glossary. The definition of industry at the top of this page is a glossary term. The page header is linked to a glossary search tool.
| What is a sector of the economy? |
| What are sectors of the economy? |
| economic system sectors |
| economic system What is the public sector? |
| economic system What is the private sector? |
| economic system What is the commercial sector? |
| economic system What is the industrial sector? |
| What is a business classification system? |
| What is a industry classification system? |
| What is an industrial classification system? |
| economic primary sector |
| economic secondary sector |
| economic tertiary sector |
| economic quaternary sector |
| economic quinary sector |
| economic sector industrial development |
| economic development sectors |
| define economist "Urban Dictionary" |
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