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Answer» Industry: - An economic activity in which raw materials are processed to add utility to the material and convert them into useful products which can satisfy human needs is called an industry.
- For example, when a textile industry owner process cotton and converts it into a product say a shirt he is adding utility to the raw material i.e. cotton, and satisfying the need of humans to wear a shirt.
- Other examples are manufacturer manufacturing furniture from wood, a shoe company that makes shoes from leather, etc.
Characteristics of industry: - Production, economic activity, changing the form of raw material, producing various articles, adding utility, etc. are ail characteristics of an industry.
- Moreover, use of human labour, natural wealth and machineries are also included in characteristics of an industry.
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