6/14/2023 0 Comments Scope of business activitiesThese industries include cattle breeding farms, poultry farms and plant market, etc. The industries which are involved in reproducing and multiplying certain species of animals and plants and sell them in the market to earn a profit are named as Genetic Industries. The industries which extract, raise and manufacture raw materials from above or under the Earth’s surface are known as Extractive Industries and they include mining, fisheries, forestry and agriculture, etc. ![]() The industry is further divided into types on the basis of business activity: In a case when a product produced by the industry is further processed into finished products for other purposes they are called intermediate goods. If the product is used again by the industry it is called the producer’s goods or capital goods. If the product is used by the consumer it is called consumers’ goods such as clothes. The product formed by an industry is either used by the vital consumers or again by the industry. ![]() The word “Industry” refers to the business activities which are linked with the extraction and production or manufacturing of products. ![]() Following business components play an important role in the scope of business: Industry
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