Explain the term 'manufacturing' and 'industry'.
Answers
Answer:
Manufacturing is the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing. Manufacturing is a value-adding process allowing businesses to sell finished products at a higher cost over the value of the raw materials used.
Industry refers to an economic activity that mainly deals with the production of goods like iron and steel industry, extraction of minerals like coal mining industry and the provision of services like tourism industry.
Explanation:
what do you mean by manufacturing?
Answer:-
the making of products from raw materials using various processes,
equipment, operations and manpower according to a detailed plan.
During processing, the raw material undergoes changes to allow it to become
a part of a product or products. Once processed, it should have worth in the
market or a value. Therefore, manufacturing is ‘adding value’ to the material.
The value added to the material through processing must be greater than the cost of processing to allow the organization to make money or a profit.
what is industry?
answer:-
Many people think of industry as the collective large-scale manufacturing of goods
in well-organized plants with a high degree of automation and specialization.
Although this is a common example of industry, it can also include other commercial
activities that provide goods and services such as agriculture, transportation,
hospitality, and many others.
Industry can be classified into different categories or levels for a better
understanding of the different types and for making it easier to study. Although
many school textbooks list only three levels, more advanced books classify industry
into five levels. The terms for each level originate from Latin words referring to
the numbers one to five.
Levels of Industry
Primary (first): Primary industries are those that extract or produce raw materials
from which useful items can be made. Extraction of raw materials includes mining
activities, forestry, and fishing. Agriculture is also considered a primary industry as
it produces “raw materials” that require further processing for human use.
Secondary (second): Secondary industries are those that change raw materials
into usable products through processing and manufacturing. Bakeries that
make flour into bread and factories that change metals and plastics into
vehicles are examples of secondary industries. The term “value added” is
sometimes applied to processed and manufactured items since the change
from a raw material into a usable product has added value to the item.
Tertiary (third): Tertiary industries are those that provide essential services and
support to allow other levels of industry to function. Often simply called service
industries, this level includes transportation, finance, utilities, education, retail,
housing, medical, and other services. Since primary and secondary levels of industry
cannot function without these services, they are sometimes referred to as
“spin-off” industries. Much of the city of Thompson, for example, is made up of
tertiary or service industries to support the primary industry of mining.
Quaternary (fourth): Quaternary industries are those for the creation and
transfer of information, including research and training. Often called information
industries, this level has seen dramatic growth as a result of advancements in
technology and electronic display and transmission of information.
Quinary (fifth): Quinary industries are those that control the industrial
and government decision-making processes. This level includes industry
executives and management and bureaucrats and elected officials in
government. Policies and laws are made and implemented at this level.