Test: Industry - UPSC MCQ

The Industrial Revolution began in the late 18th century, mainly in Britain, and marked the transition from agrarian and handcraft-based economies to industrial and machine-based economies. It brought about significant advancements in technology, mass production, and urbanization.

The mining industry involves the extraction of minerals, ores, and fossil fuels from the Earth's crust. This industry plays a crucial role in providing raw materials for various other industries.

A monopoly exists when there is only one seller in the market, offering a unique product or service without any close substitutes. This lack of competition can lead to higher prices and reduced consumer choice.

The manufacturing industry involves the production of goods on a large scale using machines, tools, and skilled labor. It is an essential part of economic development and provides finished products for consumption.

The cottage industry aims to generate employment opportunities in rural areas by encouraging small-scale production of goods, often done manually at the artisans' homes.

The handicraft industry is characterized by high labor intensity and artistic value. It involves skilled artisans creating unique products by hand, often using traditional techniques.

Economies of scale refer to the cost advantages that a firm experiences when it increases its scale of production. Large-scale industries benefit from economies of scale due to higher production levels, leading to lower average costs.

The tertiary industry, also known as the service industry, is involved in the provision of intangible products or services to customers. Examples include banking, healthcare, education, and hospitality.

The "Laissez-faire" approach advocates minimal government intervention in the economy, allowing the market forces of supply and demand to determine prices and production. This approach is commonly associated with free-market policies.

The high-tech industry is characterized by high research and development (R&D) expenses and a focus on technological innovations. It includes sectors like electronics, information technology, and biotechnology.

The software industry often adopts the business practice of "outsourcing," where companies hire external service providers or contractors to perform certain tasks or projects instead of handling them in-house.

The processing industry is involved in the transformation of raw materials into finished goods. It includes sectors like food processing, textile processing, and manufacturing industries.

Capital-intensive industries require substantial investments in machinery, equipment, and technology, with a relatively lower reliance on manual labor compared to labor-intensive industries.

The petrochemical industry is responsible for converting crude oil into various petroleum products like gasoline, diesel, plastics, synthetic rubber, and other chemical products.

During the Meiji period in Japan, the steel industry played a crucial role in rapid industrialization by providing the raw material needed for construction, machinery, and infrastructure development.

The agricultural industry is heavily dependent on raw materials like seeds, fertilizers, and pesticides. Fluctuations in prices of these inputs can significantly impact the overall profitability of the industry.

The Cottage Industry is associated with the pre-industrial stage of economic development when manufacturing was primarily carried out in homes using simple tools and manual labor.

The mining industry, particularly non-sustainable mining practices, can lead to environmental pollution, habitat destruction, and resource depletion if not managed responsibly.

The FMCG industry manufactures and distributes essential goods for daily consumption, such as food products, toiletries, and household items. It is considered a backbone of the economy due to its widespread impact on consumers.

The "Rust Belt" refers to regions in the United States that were historically associated with heavy manufacturing and steel production. However, over time, the decline in the steel industry led to economic challenges and job losses in those areas.