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In macroeconomics, an industry is a branch of an economy that produces a closely-related set of raw materials, goods, or services. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. However, a single business need not belong just to one industry, such as when a large business diversifies across separate industries. Industries, though associated with specific products, processes, and consumer markets, can evolve over time. One distinct industry (for example, barrel making) may become limited to a tiny niche market and get mostly re-classified into another industry using new techniques. At the same time, entirely new industries may branch off from older ones once a significant market becomes apparent (as the semiconductor industry becomes distinguished from the wider electronics industry). Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. However, more complex cases, such as otherwise different processes yielding similar products, require an element of standardization and prevent any one schema from fitting all possible uses. "

Western Europe is the western region of Europe. The region's countries and territories vary depending on context. Western Europe is one of the richest regions of the world. Germany has the highest gross domestic product in Europe and the largest financial surplus of any country, Luxembourg has the world's highest GDP per capita, and Germany has the highest net national wealth of any European state. Switzerland and Luxembourg have the highest average wage in the world, in nominal and PPP, respectively. Norway ranks highest in the world on the Social Progress Index. Countries in Western Europe - Austria, Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, and Switzerland