Can you explain the answer of this question below:Which one among the ...
The term 'industry' implies an economic activity involving goods production, mineral extraction or provision of consumer services. Industry is the production of goods or related services within an economy. It converts the raw materials into the finished products.
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Can you explain the answer of this question below:Which one among the ...
Economic activity concerned with production of goods, extraction of minerals or the provision of services is described as Industry.
Industry:
Industry refers to the economic activity concerned with the production of goods, extraction of minerals, or the provision of services. It is a crucial sector of any economy that contributes to the production of goods and services and generates employment opportunities. Industries can be classified into several categories based on their nature and function.
Types of Industries:
1. Primary Industries: These industries are involved in the extraction and production of natural resources such as agriculture, fishing, mining, and forestry.
2. Secondary Industries: These industries are involved in the conversion of raw materials into finished products. Examples of secondary industries include manufacturing, construction, and energy production.
3. Tertiary Industries: These industries are involved in the provision of services to consumers and businesses. Examples of tertiary industries include healthcare, education, and finance.
Importance of Industry:
Industry plays a significant role in the economic growth and development of a country. The benefits of a strong industrial sector include:
1. Job Creation: Industries generate employment opportunities for a large number of people, thereby reducing unemployment and poverty.
2. Economic Growth: A strong industrial sector leads to increased production, which contributes to economic growth and development.
3. Technological Advancements: Industries are responsible for the development and implementation of new technologies, which can lead to significant improvements in productivity and efficiency.
4. Export Earnings: Industries that produce goods for export can generate significant foreign exchange earnings for a country.
Conclusion:
In conclusion, Industry is an economic activity concerned with the production of goods, extraction of minerals, or the provision of services. It is a crucial sector that contributes significantly to the economic growth and development of a country.
Can you explain the answer of this question below:Which one among the ...
Industry is the answer of the above question as in industry we can extract mineral , (for instance we obtain iron from the iron ore because of iron industry ) production of good will be there (eg: we can make gate or anything else with the iron ) as well as it provide services because we need employ or a labour who can make any utensils or gate with the help of iron or who can obtain iron from iron ore
agriculture ,manufacturing or raw material can not be the answer for the above question because of the following reasons :
1) agriculture refers to the science of growing plants and rearing of the animals to provide food to our growing population
2) manufacturing means to make anything from raw material ( sorry i don't know the proper definition )
3)raw material refer to obtain the basic materal which is required to make any thing ( not sure about definition ) for instance we can obtain iron from the iron ore
All the above choices are not fulfilling the demand of the question so the right answer is industry because it fullfilling all the demand
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