Understanding the Market — Entrepreneurship STD 11 Commerce — Question

Industry refers to all economic activities involved in converting raw materials into finished products which are ultimately consumed by consumers. It includes:

1. Manufacturing of goods, i.e. connected with conversion of resources into useful goods.
2. Growing, producing, processing, assembling, extracting, constructing, fabricating, breeding, etc. of products.
3. Imparting utility to goods using mechanical appliances and technical skills.
4. A group of firms producing similar or related goods, e.g. textile industry, film industry, etc.