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State whether the following statement is True or False
Industries can be classified based on the size of the products they make.
- a)False
- b)True
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
State whether the following statement is True or FalseIndustries can b...
- Industries are classified based on raw materials, size, and ownership, not on the size of the products they make.
- For example, industries can be classified into small-scale and large-scale based on the amount of capital invested, the number of people employed, and the volume of production.
- Small-scale industries produce goods on a smaller level compared to large-scale industries that produce goods on a larger scale.
Community Answer
State whether the following statement is True or FalseIndustries can b...
Classification of Industries based on the size of products
True
Industries can indeed be classified based on the size of the products they manufacture. This classification is known as the scale of industry.
Small-scale Industries
- These industries produce goods on a small scale using small machines and fewer workers.
- Examples include small food processing units, handicrafts, and small manufacturing units.
- Small-scale industries are often run by individuals or families.
Large-scale Industries
- Large-scale industries produce goods on a large scale using advanced machinery and a large number of workers.
- Examples include automobile manufacturing, steel plants, and heavy machinery production.
- Large-scale industries are usually owned by corporations or companies.
Medium-scale Industries
- Medium-scale industries fall between small-scale and large-scale industries in terms of production capacity and workforce.
- They produce goods in moderate quantities using a mix of machinery and manpower.
- Examples include textile mills, paper mills, and certain chemical production units.
In conclusion, industries can be classified based on the size of the products they make, with small-scale, medium-scale, and large-scale industries being the main categories.
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State whether the following statement is True or FalseIndustries can be classified based on the size of the products they make.a)Falseb)TrueCorrect answer is option 'A'. Can you explain this answer?
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