Chapter # 5 – Economic Development
5.1 Introduction to Industry
5.1.1 Define the Terms Industry and Industrialization
Industry
Industry refers to the sector of the economy involved in the production of goods or the provision of services. It includes activities such as manufacturing, construction, mining, and services.
In simple words, Industry refers to places where people work to make things or provide services. It includes factories, workshops, and businesses where goods are produced or services are offered.
Industrialization
Industrialization is the process of developing industries within a country or region, marked by the transition from an agrarian-based economy to one dominated by manufacturing and production activities. It involves the establishment and growth of factories and other industrial facilities to produce goods on a large scale.
In simple words, Industrialization is when a place or country starts to use machines and factories to make things instead of doing it by hand. It’s like upgrading from making things at home to having big machines in factories to do the work faster and on a larger scale.