When bargaining power of buyers is low the industry is more attractive
In macroeconomics, an industry is a division of an economy that creates a group of goods, services, or raw resources that are closely tied to one another. For illustration, the insurance or timber industries may be mentioned.
Industry classifications often employ a company's or group's major revenue source to categorise it inside a certain industry when assessing it.
The International Standard Industrial Classification (ISIC), for instance, categorises "statistical units" according to the "economic activity in which they primarily participate" and is used directly or through derivations for the official statistics of the majority of countries worldwide. Following that, industry is described as "a set of statistical units that fall under the same ISIC category."
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