There are 3 scope of business.
Industry:
An industry is a group of manufacturers or business that produce a particular kind of goods and services.
• It involves in production of goods and services through the use of raw materials.
• Some industries produce industrial products where as others are involved in the production of consumer goods.
There are two types of industry. They are:
Primary Industry:
Those industry that extract raw materials from nature is called primary industry. It deals with extraction of natural resources and conversion into commodities and products for the customer.
It is of two types:
- Genetic Industry
- Extraction Industry
Genetic Industry:
It is the type of primary industry which is involved in the reproduction of plants and animals. They collect various types of plants and animals which are required for the production of medicines, milk, perfume, meat, wool etc.
Extraction Industry:
The industries involve for extraction of natural and mineral resources from land, water and air for the production of finished goods. Examples:- mining industry, Hunting, Fishing etc.
Secondary Industry:
An industry that takes raw material as input and creates finished products as output is called secondary industry. It is responsible for acquiring raw materials and making them viable goods that can be consumed by the consumers in the market.
It has four types:
Synthetic Industry:
Those industries which produce a single product with the combination of two or more materials is called synthetic industry. Cement, soap, fertilizer etc comes under synthetical industry.
Processing Industry:
Those industries which complete or follow some stages for the production of finished goods from raw materials is called as processing industry. example;- textile industry, sugar industry, paper industry etc.
Assembling Industry:
Those industries which assemble various types of components or parts to produce a usable product is called assembling industry. Manufacturing of radio, television, computer vehicle etc are the example of assembling industries.
Analytical Industry:
Those industries which produce various types of usable products from single product is called analytical industry. eg:- dairy industry, crude oil refining industry etc.
