Business, Legal & Accounting Glossary

Definition: Industry

Full Definition of Industry

Several manufacturing enterprises together constitute an industry. Industry is the backbone of several developed and developing economies of the world. Industry is a collection of productive firms. Industry can be of several types depending on the products that are manufactured.

Industry Size And Growth

Industry also undergoes different stages of development like a business. Major stages in the development of industry include set up stage, early-stage, growth, brisk growth, maturity, and advance or decline stage. Size or growth of an industry can be determined by monitoring the various stages of development. By comparing the size of an industry 5 years back, one can determine whether the industry is progressing or not. Status of the industry locally, regionally, or nationwide can also be determined with the size and growth of industry.

Industry Profitability

Profit margin is the best measure of growth in profitability of any industry. Some industries survive well in small profit margins whereas some have huge profit margins. The gross profit margins along with net profit percentages provide the account of profitability of any industry.

Trends And Changes In The Market

The World changes every second. Market irrespectives of being global or local also keeps changing. It becomes mandatory for industry to keep a track of the specific trends of the market in order to plan and forecast the future. The trends can be seasonal, economic variations or consumer behavioural changes.

Government Policies

There is a time to time review of government policies that sometimes aid in the development of an industry but at the same time, can also create hurdles. Lenient excise duties and property rights aid in the growth of any industry.

Major Industry Types

Industry is the most productive sector for most of the economies. There are several types of industries that are operational all over the world. Major industries that have captured the global economy need to be recognized. Industries are mainly divided into three levels primary industry, secondary industry, and tertiary industry.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Industry. Payroll & Accounting Heaven Ltd. September 22, 2021
Chicago Manual of Style (CMS):
Industry. Payroll & Accounting Heaven Ltd. (accessed: September 22, 2021).
American Psychological Association (APA):
Industry. Retrieved September 22, 2021, from website:

Definition Sources

Definitions for Industry are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 29th March, 2020 | 5 Views.