What is the meaning of supporting industry?

What is the meaning of supporting industry?

What is Supporting Industry? 1. In economic theory, supporting industries are defined as a group of industries to supply “manufactured” inputs, which are mostly intermediate goods. 2. In framework of business, supporting industries manufacture production parts as well as tooling to produce those production parts.

What is an industry very short answer?

An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications. Industry classifications are typically grouped into larger categories called sectors.

What is service industry and examples?

Service industries include everything else: banking, communications, wholesale and retail trade, all professional services such as engineering, computer software development, and medicine, nonprofit economic activity, all consumer services, and all government services, including defense and administration of justice.

What is the support service sector?

The Support Services Industry Sector comprises companies primarily providing labour services such as commercial cleaning services, dining and catering services, equipment repair services, industrial maintenance services, storage and warehousing, transaction services and other business support services.

What industry do you work in meaning?

You can think of industry as the category or general field in which you work. On a job application, “industry” refers to a broad category under which a number of job titles can fall.

What are types of industries?

Industries and sectors

• Agriculture; plantations;other rural sectors.
• Basic Metal Production.
• Chemical industries.
• Commerce.
• Construction.
• Education.
• Financial services; professional services.
• Food; drink; tobacco.

What is an industry grade 8?

Answer: Industry refers to an economic activity that is concerned with the production of goods like iron and steel industry, extraction of minerals like coal mining industry and the provision of services like tourism industry.

Why service industry is important?

The importance of service industries in the economy is that they contribute significantly to the domestic and global economy. Based on various research reports, 70 percent of the GDP in most countries result from service industries.

What are support services in business?

Typically, small businesses turn to business support services firms for word processing, faxing, photocopying, shipping, desktop publishing, mailing list management, dictation and transcription.

What is an industry class 4?

Answer: The industry is a category of active enterprises and organizations which produce or sell products, services, or sources of revenue. Industries are commonly categorized in economics as the primary industry, secondary industry and tertiary industry.

What type of industry is school?

About the Educational Services sector The Educational Services sector comprises establishments that provide instruction and training in a wide variety of subjects. This instruction and training is provided by specialized establishments, such as schools, colleges, universities, and training centers.

What are the 2 types of industries?

Various types of industries are:

• Primary- Industries which deal with obtaining or offering raw materials which are processed as commodities for the customers.
• Secondary- Industries which are essentially manufacturing or assembling industries.

What are the function of service industry?

A service industry provides people with intangible products or services and completes tasks that are useful to customers, clients, businesses or the general public. Service industries, unlike manufacturing and production industries, do not rely on the sale of material goods and products to earn a profit.

What is an industry?

An industry is a group of businesses that make or sell similar products or perform similar services. Farms are part of the agricultural industry. Factories are part of manufacturing industries. Schools are part of the educational services industry. Industries are important to every country’s economy. The first human industry was agriculture.

What is a service industry?

Service industries are the last part of an economy to develop, in contrast to agriculture and mining, which are always first. These are the basic industries present in all economies—even in less-developed countries of Africa and Asia.

What is child support and how does it work?

: payment made for the support of the children of divorced or separated parents while the children are minors or until they reach an age set by the separation agreement or in a court order — compare alimony.