Definition: Industry refers to the large scale production of goods and services in an area. Natural resources and technology has combined to produce goods and services.
Earlier also goods had produced; but large scale production is possible only when goods have produced with fast and efficient machines. Latest and advanced technology is using. Moreover large number of work force employed. So the important industries today are iron, steel, automobiles, sugar, textile industries etc.
Every industry has its inputs and outputs. Consequently, the inputs are raw material, machinery, technology, capital, labor etc. Also the outputs is the final product or finished goods. When the final product of an industry is used by another industry; it known as producer goods.
Components of Industry:
Manufacturing industries need 4 inputs-
- raw material
a. Capital required at Industry :-
Every industry needs two types of capital. Finance capital and physical capital. So, The physical is building, machinery etc. and Finance capital obtained and borrowed from banks or other institutions.
b. Raw materials used in Industry :-
So, Most of the industries rely on the raw material provided by natural resources. Moreover, natural resources may be renewable and non-renewable.
Nowadays, the technological advancement have led to tremendous industrial growth. Therefore, innovations in the field of technology can also transform the culture of the society.
d. Labors in Industries :-
However Labor refers to the workforce. In conclusion, labor unions are formed who negotiate their wages and work with the owners.
To conclude this article, as industries play important to improve economic as well as social condition of nation. so we should try hard to promote more industries. Moreover for country’s welfare we should support our nations industries more.
NOTE: hope this article will help you for better understanding of the topic. All the best!