Question

What is meant by the term ‘industry’​

Answer 1

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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

Answer 2

Answer:

goods produced house is known as industry .