Why Industry Is Important For A Country?

What is industry and its importance?

Industries play an important role in the economic development of any nation .

without industries, economic development is impossible.

The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc..

Why is industry important for us?

Industrial growth helps in reducing the unemployment and poverty. Industrial growth can earn foreign exchange by exporting the finished goods and thus, can expand its trade and commerce. Because they provide us various devices useful for us. they make it from raw material.

What are advantages of industry?

Answer. 1) They help in growth of a country both economically and socially. 2)They provide employment opportunities and therefore, help in reducing poverty. 1)They cause pollution.

How does industry help the economy?

Increased Employment Opportunities Industrialization provides increased employment opportunities in small- and large-scale industries. In an industrial economy, industry absorbs underemployed and unemployed workers from the agricultural sector, thereby increasing the income of the community.

Whats does industry mean?

An industry is a group of manufacturers or businesses that produce a particular kind of goods or services. … Industry comes from the Latin industria, which means “diligence, hard work,” and the word is still used with that meaning.

What is industry Short answer?

Define industry. Answer: The industry refers to economic activity that is concerned with the production of goods, extraction of minerals, or the provision of services. … Industries are classified according to the raw material used, size, and ownership.

What is the purpose of industry?

Industry analysis is a tool that many businesses use to assess the market. It is used by market analysts, as well as by business owners, to figure out how the industry dynamics work for the specific industry studied. Industry analysis helps the analyst develop strong sense of what is going on in the industry.

What are the 5 factors of industrialization?

They are land, labor, capital, technology and connections. Without a generous supply of these basic elements and the ability to organize them, a people cannot develop into an industrial society.

What is the role of industry in economic development?

Main Sector of Economic Development: Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.

What are the 4 types of industries?

There are four types of industry. These are primary, secondary, tertiary and quaternary.