labowe
Wswer the following questions in brief.
1. What is an industry?
2.Name the three major types of industries.
3. What goods are produced by a cottage industry?
4.Name a few goods produced by small-scale industries.
5.Which type of industry produces cement and petrochemicals
Answers
1.An industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry.
2.Industries can be classified in a variety of ways. At the top level, industry is often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services).
3.A cottage industry is an industry—primarily manufacturing—which includes many producers, working from their homes, typically part-time. The term originally referred to home workers who were engaged in a task such as sewing, lace-making, wall hangings, electronics, or household manufacturing. Some industries which are usually operated from large, centralized factories were cottage industries before the Industrial Revolution.
4.Small businesses can also be classified according to other methods, such as annual revenues, shipments, sales, assets, or by annual gross or net revenue or net profits, the number of employees is one of the most widely used measures.
5.Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.
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