Unit-1 Nature And Scope Of Business

In this introductory unit, you will learn the exact connotation of terms like business, commerce, trade, industry etc.

What is industry? Explain its classification with illustrations.

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Written on Apr 15, 2019 4:54:42 PM

  • As you have learnt, industry refers to that part of business activities which is concerned with the production of want satisfying goods through utilization of available material resources. Industry utilizes the natural resources and brings them into the form useful for final consumption or further use. It means that the industrial activity aims at ensuring the supply of goods in that form which suits the objects, needs and convenience of the persons expected to use them. Thus, industry creates form utility to goods.
  • For example, farms, factories, mines, etc. make available a wide range of goods. These goods cater to the needs and convenience of the people. In a nut shell, the activities of human beings engaged in extraction, production, processing, construction and fabrication of products come under industry.
  • Industry means a group of factories usually specializing in a particular product line. For example, all the factories which produce fertilizer are collectively called fertilizer industry. Similarly, all automobile factories together constitute automobile Industry.

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