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Industry

Definition

Industry refers to the production of goods or related services within an economy. It involves a range of business activities, such as manufacturing, mining, construction, and utilities.

Analogy

Think of industry like the engine in your car. Just as the engine powers your vehicle and makes it move forward, industry powers the economy by producing goods and services that people need or want.

Related terms

Manufacturing: This is a specific type of industry where raw materials are transformed into finished products on a large scale.

Industrial Revolution: A period from about 1760 to 1840 when major changes in agriculture, manufacturing, mining, transportation had a profound effect on socioeconomic conditions in Britain first and then later spread throughout Europe and North America.

Capitalism: An economic system characterized by private ownership of industries where production is guided and income distributed largely through operation of markets.