Industry
Industry
Labor, mechanization, automation
Industry is a part of the economy. The word is derived from the Latin word “industria”, which means industriousness or diligence. What is meant is that things are manufactured or further processed. The industry is concerned with the commercial extraction, processing, and further processing of raw materials or intermediate products into material goods. Characteristic features of industry are the mass production of goods that are virtually homogeneous among themselves thanks to standardized production processes characterized by division of labor, mechanization, and automation.
Manufacturing and processing industry
Industry belongs to manufacturing industries; a distinction is made between the subsectors of mining, manufacturing, energy and water supply, and construction. The manufacturing industry, in turn, consists of the intermediate goods, capital goods, durable goods, and consumer goods subsectors.
In addition, manufacturing always includes key industries, which are industries whose orders, purchase orders, and/or shipments/supplies have a significant economic impact on other sectors of the economy. At the state level, they account for the largest share of an economy’s output value.
