Q1. What is Industry?
Ans. Industry refers to an activity which converts raw material into useful products. It includes all those processes by which goods are produced by application of human or mechanical power. Example-Cotton textile industry refers to all manufacturing units producing textile goods from cotton, goods produced by industry may be:
- Consumer Goods: These goods are meant for direct consumption by consumers. Example- Shoes, Clothes, T.V etc.
- Producer Goods: These goods are used in production of other goods. Example– Steel, Machines etc.