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Industry

Definition

Industry refers to the economic activity involved in the production of goods or services within an economy. It encompasses various sectors like manufacturing, mining, and construction.

Analogy

Imagine industry as a bustling factory with workers operating machines to produce different products. Just like how each worker plays an important role in keeping the factory running smoothly, different sectors contribute to overall economic growth through industrial activities.

Related terms

Factory System: The factory system is a method of production where goods are manufactured on a large scale using specialized machinery within factories.

Labor Union: A labor union is an organization formed by workers to protect their rights and negotiate better working conditions.

Capitalism: Capitalism is an economic system based on private ownership of resources where individuals or businesses aim for profits through production and trade.