Categorizing Industries

What activities are involved in an economy?

• Production, consumption, and trade of goods and services

• Only production of goods

• Only consumption of services

• Only trade of goods

What does the term "industry" include?

• Only businesses that provide services

• Only factories that produce goods

• All businesses and factories that turn raw materials into goods or provide services

• Only companies that produce steel

(a)   is an example of an agricultural industry.

• Manufacturing of cars
• Sale of clothing
• Cultivation of coffee
• Banking services

What does the manufacturing industry refer to? (Select all that apply)

• The production of goods by manual labor or machinery

• The sale of goods individually or in small quantities to consumers

• The cultivation of land or ranching

• Uses the largest amount of labor and can produce consumer or producer goods

What is the primary role of the agriculture industry as it relates to farming, forestry, and fishing?

• They provide finished products.

• They offer financial services.

• They provide raw materials.

• They offer transportation services.

Match the following types of industries with their characteristics.

• Agriculture

• Provides raw material for other industries and is the most important industry

• Retail

• Raw materials are turned into finished products

• Service

• In more advanced countries this industry grows the fastest and employs the most workers

• Manufacturing

• Relies heavily on consumption and helps move goods from factories to consumers

What happens to industries as the economy changes over time?

• They always grow and never decline

• They become less important and eventually decline

• They remain the same in importance

• They stop using raw materials

Which of the following is NOT a part of the service industry?

• Banking

• Call centers

• Factories

• Lawyers