Industry refers to the economic activity concerned with the production of goods, services, or resources. It encompasses a wide range of sectors, including manufacturing, agriculture, construction, and services. Industries are typically categorized based on the nature of their output and production processes. For example, the primary industry involves the extraction of raw materials, such as mining and agriculture; the secondary industry focuses on manufacturing and construction; and the tertiary industry pertains to services, including retail, hospitality, and finance. Industries play a crucial role in the economy by generating employment, contributing to GDP, and driving innovation and competition. The organization and regulation of industries can vary significantly, influenced by factors like technology, market demands, and government policies. Overall, the term “industry” captures the collective activities and systems that facilitate the transformation of raw materials into finished products and the provision of services that meet consumer needs.
Synapse Financial Technologies filed for Chapter 11 Bankruptcy in April 2024, disrupting the fintech landscape. Hundreds of millions in customer deposits were frozen, affecting around 100 clients including lenders. Regulatory…