Industry (economics)

In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services.

Industry is then defined as "set of statistical units that are classified into the same ISIC category".

[6] There are many industry classifications in the modern economy, which can be grouped into larger categories called economic sectors.

Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships.

[7] However, more complex cases, such as otherwise different processes yielding similar products, require an element of standardization and prevent any one schema from fitting all possible uses.

Cement factories, part of the manufacturing industry , produce product for the construction industry (also known as the building industry ). This factory was in Malmö, Sweden .
Burj al Arab as a symbol for the hospitality industry
An image of the motor industry ( automotive industry ), a supplier to the transport industry . Economists may regard the manufacture of vehicles as a foundational industry and as a bellwether industry. [ 1 ]