Nature, Purpose and scope of Business — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMNature, Purpose and scope of Business5 Marks
Question
What in industry? Explain its characteristics.
✓
Answer
Introductions :
One can not imaging a human being without industry and an industry with human being.
We all are associated with various types of industry, directly or industry.
Clothes we wear, shoes chappals, belt, spectacles, watch, ornaments, soap, shampoo, hair oil, powder, perfume, ball pen, cycle. scooter, motor car. Etc. various products are the creation of various industries.
Man ha played important role in the productions of these products.
Man and industries are very closely related.
What is industry? :
To satisfy man’s need, various processes are performed on raw - material of product and on it, the process of adding utility is called industry.
The place where production is carried out is known as factory or industrial unit. e.g. to make cloth from cotton, to make furniture from wood, to make sugar or jaggry from sugar cane juice, to make shoes and chappals from leather, to make various instruments from metal etc.
Characteristics activity :
Main characteristics of industry are as under:
Production activity :
Product produced by human labour and with the help of machines and technology through process, products are manufacturing from natural raw material which satisfy needs of human being.
Economic Activity :
Products manufactured through industry are sold and profit is earned so it is an economic activity.
Alteration in the form of raw material :
human labour and with the help of machinery, size, colour, weight, shape and attributes of raw material is changed and it is made usable,
Production of various items:
various items are made by different types of process on various material.
Besides all this, services too are produced e.g. electricity, production of gas, services if transportation and communication.
Addition in utility :
Raw material is made usable through various process on it so it added utility, to satisfy needs.
Use of machinery :
After the invention of various machinery, through machines large scale production is made possible.
Use of human labour :
Whatever number of modern machinery are used for productions yet human labour is needed when the machines ceases human being are required to put the machine off and on.
Natural resources :
Industrial activities are not possible without natural resources such as metals gained from nature, vegetations, water, oxygen, agricultural product etc.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.