Industry

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Definition of Industry:

An industry is a group of businesses that provide related goods or services. 

Detailed Explanation:

An industry is a group of businesses that provide related goods or services. For example, the airline industry includes commercial passenger carriers as well as aviation companies that carry freight. It includes airline companies that serve only smaller cities with short flights and long-range carriers that serve the major cities of the world. Health care legislation influences the health care industry more than the automobile industry. Investors try to anticipate the winners and losers of changes, especially during times of political or economic uncertainty. The Great Recession of 2007 – 2009 affected all industries, but it hit the tourism industry in Hawaii particularly hard. Tourism dropped approximately 10 percent in 2009. Many families chose vacations closer to home and canceled or rescheduled their planned trip to Hawaii because their incomes decreased. The demand for local vacation destinations increased, while the demand for Hawaiian tourism decreased. In the short term, the profits of companies that relied on a robust tourism industry in Hawaii suffered. 

Toyota Motor Corporation builds cars and trucks. It offers financing and even offers pleasure boats and engines. What industry is Toyota in? It operates in the automotive, finance, and marine industries, but analysts would place Toyota in the automotive industry because most of its revenues are generated from the sale of automobiles. 

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