What Is Industry After All?
“Industry is that constituent of production, which is involved in changing the form of a good at any stage from raw material to the finished good. ”
Industry is concerned with the making and manufacturing of goods. It is that constituent of production, which is involved in changing the form of a good at any stage from raw material to the finished good. Weaving of woolen yarn into cloth is a simple example. Thus, industry imparts utility to goods.The goods produced may either be used by other enterprises as raw materials for further production or as final production by consumers. When goods are used by other enterprises for further production, they are known as producer goods. The production of plants, machinery equipments etc., are the examples of producer goods. When consumers use these goods, they are called consumer goods.
The examples of such goods are cloth, bread, groceries, drugs etc. An enterprise may produce materials, which will be further processed by yet another concern for converting them into finished goods. These goods are known as intermediate goods. The examples of this category are plastic, rubber, aluminum etc.
The genetic industry is related to the re-producing and multiplying of certain species of animals and plants with the object of earning profit from their sale. Nurseries, cattle breeding, fish hatcheries, poultry farms are all covered under genetic industry. The plants are grown and birds and animals are reared and then sold on profit. No doubt, nature, climate and environment play an important part in these industries but human skill is also important.
The extractive industry is engaged in raising some form of wealth from the soil, climate, air, and water or from beneath the surface of the earth. These industries are classified into two categories. In the first category, workers merely collect goods already existing. mining, fishing and hunting are covered in this category.
The 2nd category is of the goods that are to be produced by the application of human skills like agriculture, forestry, etc. Extractive industry supplies basic raw materials that are mostly the products of the soil. Products of these industries are usually transformed into many useful products by manufacturing industries.
The construction industry is engaged in the creation of infrastructure for the smooth development of economy. It is concerned with the construction, erection, and fabrication of the products. These industries are engaged in the construction of buildings, roads, dams, bridges and canals. These industries use the products of other industries namely cement, iron, bricks and wood.
Author - DeeKay
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