Home » Eng Finance » I » Industry

Industry

1. A sector of the economy, in which firms use similar factor inputs to make a group of related products. The Standard Industrial Classification is a partition of industry into sectors and subsectors.

2. A group of sectors, mainly in manufacturing and construction, typically producing physical goods rather than services. The Confederation of British Industry is a UK organization representing firms in these sectors, and the Department for Business, Energy and Industrial Strategy is the main UK government department responsible for dealing with them. See also footloose industry; infant industry; nationalized industry; service industry.

Reference: Oxford Press Dictonary of Economics, 5th edt.