Very short answer type questions
1. What is meant by the term 'industry?
2. What is meant by value addition to any substance?
3. On what basis are the industries classified into public sector and private sector industries?
4. Which industries are known as ancillary industries?
Answers
1.ans: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.
Answer2 : Value added is the difference between the price of product or service and the cost of producing it. The price is determined by what customers are willing to pay based on their perceived value. Value is added or created in different ways. e3radg8 and 2 more users found this answer helpful
ans3:The industrial sectors are classified into public and private sectors on the basis of ownership of enterprises. Public sectors refers to government owned organisations and private sectors are not government owned.
ans4:Ancillary industries are those industries which help to both primary snd secondary industries. Example: transportig, banking, insurance , warehousing , and advertising. These industries are also called tertiary or service industries.