The terms industry and economic sector can be used in formal and informal english. Other words such as segment, space or area are also often used to describe the same concept.
The words industry and economic sector can be used in formal and informal English.
- The auto industry crisis of 2009 was a part of the global financial crisis.
- The agricultural sector has been impacted by severe droughts.
Other words such as segment, space or area are also often used.
- The service industry is one of the most efficient sectors of the economy while other areas, such as manufacturing or agriculture, are lagging behind.
- The economy is made up of many segments called sectors.
- The manufacturing industry is one of the hardest-hit segments of the economy.
- The metal space is highly competitive.
- The auto space is being impacted by supply shortages.
Difference between Sector and Industry
The words sector and industry are often used interchangeably, but they are actually different. Industry describes a more specific group of business or companies, while the word sector refers to a larger area of the economy.
As a result, a sector can be broken down into several industries. For example, we can talk about the service sector or the insurance industry.
The word 'Industry' has two meanings
The word industry has two different meanings. As said above, it can refer to the activities involved in a type of business. However, industry can also be used to talk about the activities involved specifically in the process of producing goods.
- Asian economies are now less industry and more agricultural oriented.
- The agricultural industry is a key sector for many African economies.
- The public sector is experiencing a rapid growth.
- Supply shortages have had a huge impact on the manufacturing industry.
- Important economic areas are being affected by technological changes.
- Technology-driven trends are transforming the auto industry.