What Industry Is

What Industry Is (hereinafter, the Lectio) is the second lesson part of the Industries and Specialties lesson that introduces its participants to industries, professional specialties, and related topics.

WorldOpp Pipeline

This lesson belongs to the Introduction to Employment session of the CNM Cyber Orientation. The Orientation is the second stage of the WorldOpp Pipeline.

Content

The predecessor lectio is Economy Segments.

Key terms

Industry. The part of any economy segment that groups those enterprises that create a particular type of product.

• Industry relations. The systematic study of attitudes, motivations, and behaviors that two or more legal entities within the same industry assume toward each another.
• Industry constituency. Any group of legal entities that are involved in, served by, patronize, support, offer representation, or are likely to be involved, served, patronize, support, or offer representation for a particular industry.

Script

An industry is the part of any economy segment that groups those enterprises that create a particular type of product and/or share similar production processes, as well as selling, marketing, and/or social appealing techniques.

Economists use several industrial classifications. The government and business in Canada, Mexico, and the United States primarily use the North American Industry Classification System (NAICS). The United Nations uses the International Standard Industrial Classification (ISIC).

To group employers, CNM Cyber uses its own CNM industry classification or CNMIC. Because CNMIC doesn't try to describe all economic activities, it is way simpler than NAICS and ISIC. CNMIC features just 11 industries, while both NAICS and ISIC feature 20+ sectors and hundreds of sub-sectors.

Any industry constituency is larger than the industry itself. The constituency includes any legal entity that is involved in, served by, patronize, support, offer representation, or are likely to be involved, served, patronize, support, or offer representation for a particular industry. For instance, a spouse of a military service person would not be considered as a part of the public service industry, but a part of its constituency.

Finally, industry relations refer to attitudes, motivations, and behaviors that two or more legal entities within the same industry constituency assume toward each another.

Groupings of Employers is the successor lectio.

Questions

Lectio quiz

The answer is recorded for the lectio completion purpose:

• Is the difference between an industry and the industry constituency explained well? --Yes/No/I'm not sure/Let me think/Let's move on