Question

What is meant by the term ‘industry’?​

Answer 1

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Industry refers to an economic activity that is concerned 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.

Answer 2

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Industry refers to the production of economic goods or  services within an economy.

Industries can be classified on the basis of raw materials, size and ownership

* Raw Materials: Industries may be agriculture based, Marine based, Mineral based, Forest based. 

* Size: It refers to the amount of capital invested, number of people employed and the volume of production. 

* Ownership: Industries can be classified into private sector, state owned or public sector, joint sector and co-operative sector  

Hope it helps !