Industry

In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry or the insurance industry. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. However, a single business need not belong just to one industry, such as when a large business (often referred to as a conglomerate) diversifies across separate industries. Industries, though associated with specific products, processes, and consumer markets, can evolve over time. One distinct industry (for example, barrelmaking) may become limited to a tiny niche market and get mostly re-classified into another industry using new techniques. At the same time, entirely new industries may branch off from older ones once a significant market becomes apparent[citation needed] (as the semiconductor industry became distinguished from the wider electronics industry).

Learn more on Wikipedia