Distinguish between an industry and factory
Answers
Answer:
A factory is a manufacturing plant. Industry refers to the production of a material or service within an economy. This is the main difference between factory and industry. Though, when speaking about the whole economy, we generally speak about industries, the production process actually takes place within factories.
Answer:
Factory:
A factory is a place where the production process of an economy actually takes place. It is what creates the growth in the economy. For example, think about a garment factory. A garment factory is where the preparing of garments actually happen. This could be weaving fabrics or sewing ready-made clothes.
Factories gather resources such as laborers, capital, and plant that are necessary for the production of goods. Factories are also characterized by the presence of warehouses. The purpose of the warehouses is to store huge equipment necessary for the production of goods.
Industry:
In an economy, an industry can mean two things. First of all, industry refers to a group of companies that produce the same product or service. For example, think about the garment industry. The whole of the industry focuses on producing garments. Secondly, industry is primarily divided into sectors. In fact, it is divided into four sectors namely, primary sector, secondary sector, tertiary sector, and quaternary sector.
Primary sector deals with the activity of gaining resources from the Earth. This includes different processes such as mining, farming, and logging. In the secondary sector, we have the companies that are involved in refining the products given by the primary industries such as farming. For example, meat processing can be known as an example where the primary product of meat is refined. In the tertiary sector, we can only see services. These services include professions such as doctors, lawyers, managers, etc. where the product is intangible as it is a service
Explanation:
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