Characteristics Of Industry

Industry has the following characteristics:

1. Economic activity
Industry is an economic activity. Industrial production is done for marketing. Its objective is to earn profit. Industry is the engine of economic growth.

2. Production
Industry produces products by the use of human and mechanical power. Products satisfy human wants. Products can be consumer and industrial.

3. Utility
Industry creates form utility. It converts raw materials into finished products.

4. Wide scope
Industry has wide scope. Advances in science and technology create new industries. Information technology industry is an example.

5. Component of business
Industry is a component of business. It is the basis for trade. Trade is done in industrial products. Services are used by industry and trade.

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