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.

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.