Industry vs. Market: What's the Difference?
Table of Contents
Industry
An industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.
Following the Industrial Revolution, possibly a third of the economic output comes from manufacturing industries. Many developed countries and many developing/semi-developed countries (China, India etc.) depend significantly on manufacturing industry.
Industry (noun)
The tendency to work persistently. Diligence.
“Over the years, their industry and business sense made them wealthy.”
Industry (noun)
Businesses of the same type, considered as a whole. Trade.
“The software and tourism industries continue to grow, while the steel industry remains troubled.”
“The steel industry has long used blast furnaces to smelt iron.”
Industry (noun)
Businesses that produce goods as opposed to services.
Industry (noun)
The sector of the economy consisting of large-scale enterprises.
“There used to be a lot of industry around here, but now the economy depends on tourism.”
Industry (noun)
Automated production of material goods{{cite-web
Industry (noun)
A typological classification of stone tools, associated with a technocomplex.
Market (noun)
City square or other fairly spacious site where traders set up stalls and buyers browse the merchandise.
Market (noun)
An organised, often periodic, trading event at such site.
“The privilege to hold a weekly market was invaluable for any feudal era burgh.”
Market (noun)
Flea market
Market (noun)
A group of potential customers for one’s product.
“We believe that the market for the new widget is the older homeowner.”
Market (noun)
A geographical area where a certain commercial demand exists.
“Foreign markets were lost as our currency rose versus their valuta.”
Market (noun)
A formally organized, sometimes monopolistic, system of trading in specified goods or effects.
“The stock market ceased to be monopolized by the paper-shuffling national stock exchanges with the advent of Internet markets.”
Market (noun)
The sum total traded in a process of individuals trading for certain commodities.
Market (noun)
The price for which a thing is sold in a market; hence, value; worth.
Market (verb)
To make (products or services) available for sale and promote them.
“We plan to market an ecology model by next quarter.”
Market (verb)
To sell
“”We marketed more this quarter already then all last year!”
Market (verb)
To deal in a market; to buy or sell; to make bargains for provisions or goods.
Industry (noun)
economic activity concerned with the processing of raw materials and manufacture of goods in factories
“new investment incentives for British industry”
Industry (noun)
a particular form or branch of economic or commercial activity
“the car industry”
Industry (noun)
an activity or domain in which a great deal of effort is expended
“the Shakespeare industry”
Industry (noun)
hard work
“the kitchen became a hive of industry”
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