In many cases, the terms factory and industry are used interchangeably, but the meaning of these words are not the same. In fact, industry refers to the production of economic goods. These goods can be materials, products or services. A factory, on the other hand, is the actual location where the materials or products are produced or created. Industry has a much bigger scope than just factories. Many developed countries and many developing or semi-developed countries depend significantly on industry. Each country’s economy is based on industries. There are four main sectors in industry – primary, secondary, tertiary and quaternary.