If you intend being a business person or an investor, then it is presumed advisable that you at least know the industries and sectors of the economy that exist within your environment. Now in the line of duty, i have seen a lot of small business owners that don’t even know the industry they operate under, not to talk of the sector of the economy they operate in.
Now as a entrepreneur or investor, it is important that you are well informed about industry development, statistics and the corresponding competition. This will help you better position yourself and business for successful growth. Without wasting your time, below are the list of industries and sectors of the economy.
A List of Industries and Sectors of the Economy
Typical list of Industries
- Legal services
- Food processing
- Retail sales
- Real estate
- Mass media
- Public health
- Information technology
- Waste disposal
- Financial services
Sectors of the Economy
The economic sector is of three aspects namely:
- The primary sector
- The secondary sector
- The tertiary sector
The primary sector
This is the sector of the economy that makes direct use of natural resources. The primary sector includes:
- Forestry and fishing
- Extraction of oil and gas etc.
The secondary sector
This aspect of economy includes those economic sectors that create a finished, tangible product (production and construction.):
The function of this sector is to generally take the output of the primary sector and manufactures finished goods. These products are then exported or sold to domestic consumers and to places where they can be use by other businesses. Secondary sector is divided into:
- Light industry
- Heavy industry
These industries consume large quantities of energy and needs factories and machinery to convert the raw materials into goods and products. They also in charge of waste material and waste heat production that may pose environmental problems or cause pollution.
The tertiary sector
This sector is also known as the service sector or the service industry. The service sector is made up of “soft” parts of the economy, i.e. activities where people offer their knowledge and time to improve productivity, sustainability and potential. The basic components of this sector are the production of services (intangible goods) rather than end products. The services include:
- Advice and discussion.
The production of information is generally as well regarded as service, but it is now attributed to fourth sector by some economists, as the quaternary sector.