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Compare industry and sector.
The major differences between industry and sector are as follows −
Industry
It includes group of organisation/firms who produces similar products/goods.
It comprises grouping of companies/enterprises based on their business activities.
It is categorised based on their process.
The scope is narrow and it has a specific term.
There are different firms which can for form cluster.
It is ranked after sector.
It has specific analysis view.
Examples − manufacturing industry, extractive industry, construction industry etc.
Sector
It includes business groups, which are having similar services/products.
It comprises of entities/companies having similar processes/product line/operating activities.
It is categorised based on business activities.
It has wide scope and a general term.
Industries combined to form sectors.
It is ranked after economy.
It has generalised analysis view.
Examples: primary sector (agriculture, forest etc.), secondary sector (manufacturing industries), tertiary sector (support services like transportation, banking), quaternary sector (education, research etc.)
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