Podcast
Questions and Answers
An ______ is a collection of businesses that provide similar goods and services.
An ______ is a collection of businesses that provide similar goods and services.
industry
Industries are primarily involved in the ______ of goods or services.
Industries are primarily involved in the ______ of goods or services.
production
The term ______ is often used to describe a group of companies that produce a similar type of product.
The term ______ is often used to describe a group of companies that produce a similar type of product.
industry
The automobile industry ______ cars by assembling various parts.
The automobile industry ______ cars by assembling various parts.
Industries play a crucial role in economic ______, job creation and innovation.
Industries play a crucial role in economic ______, job creation and innovation.
Flashcards
Industry
Industry
A collection of businesses producing similar goods/services.
Economic Activities
Economic Activities
Actions that convert raw materials into useful goods.
Production-Based Activities
Production-Based Activities
Activities focused on creating goods or services.
Automobile Industry
Automobile Industry
Sector that manufactures cars and related products.
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Job Creation
Job Creation
Processes leading to new employment opportunities.
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Concept of Industry
- An industry is a collection of businesses providing similar goods and services
- Industry focuses on converting raw materials into usable products
- The term "industry" describes a group of firms producing similar goods
- Industries are crucial for economic development, job creation, and innovation
- Industries can be categorized based on the kinds of products or services, procedures, and markets served
Features of Industry
- Production-Based Activities: Industries primarily produce goods or services
- Production includes manufacturing, processing, assembly, or service offerings to enhance raw materials' value
- For instance, the automobile industry assembles various components to create cars
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