Industry
Definition
Industry refers to economic activities involved in the processing or manufacturing of goods or services on a large scale using machines or factories.
Analogy
Industry is like an assembly line at a car manufacturing plant. It involves multiple stages where different components are added systematically to create a final product efficiently.
Related terms
Cottage industry: Small-scale production carried out by individuals within their homes using traditional methods.
Factory system: Method of production that brings together many workers under one roof and utilizes machinery to increase efficiency.
Globalization: The increasing interconnectedness and integration of economies, industries, and cultures across the world.
"Industry" appears in:
Practice Questions (4)
What historical era saw mass movement of people from rural areas to urban centers due to technological advancements in agriculture and industry?
Which industry has significantly influenced global cultural diffusion through movies and television?
What was the first industry to industrialize in the Industrial Revolution?
What key innovation during the Industrial Revolution revolutionized transportation and industry?
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