Industry
Definition
Industry refers to the production of goods or related services within an economy. It involves a range of business activities, such as manufacturing, mining, construction, and utilities.
Analogy
Think of industry like the engine in your car. Just as the engine powers your vehicle and makes it move forward, industry powers the economy by producing goods and services that people need or want.
Related terms
Manufacturing: This is a specific type of industry where raw materials are transformed into finished products on a large scale.
Industrial Revolution: A period from about 1760 to 1840 when major changes in agriculture, manufacturing, mining, transportation had a profound effect on socioeconomic conditions in Britain first and then later spread throughout Europe and North America.
Capitalism: An economic system characterized by private ownership of industries where production is guided and income distributed largely through operation of markets.
"Industry" appears in:
Study guides (1)
Practice Questions (4)
- In what industry did most Native Americans provide forced labor under Casta systems?
- Which innovation fundamentally changed transportation and industry in the United States during this period?
- Which industry significantly grew after World War II leading to economic expansion?
- What technological innovation of the early 20th century significantly revolutionized transportation and industry?
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