Industry is an economic branch that produces closely related raw materials,goods, or services. For example,you can refer to the agriculture industry or the insurance industry. Similar firms are grouped into industries based on the primary product they produce or sell. It creates industry groups that allow companies to differentiate themselves from different operating parties. Investors and economists often study industries to better understand the drivers and limits of companies’ profit growth. Companies in the same industry can also be compared to each other to gauge the relative attractiveness of a company in that industry. An industry can be privately owned, publicly owned, or jointly owned. The wealth of a nation is largely based on its industry. The more productive the industry, the greater the national wealth. A country standard of living can be measured by the number,cost and quality.