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Characteristics Of Industry

Industry is a component of business which is related to the  production of goods. It has some distinct characteristics such as production, utility creation, economic activity etc.

Features or characteristics of industry can be discussed as follows:

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

Production is the main characteristic of industry. 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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