What is an industry in economics?
Q: What is an industry in economics?
A: An industry in economics is a group of different kinds of manufacturing and services that are categorized based on the type of task they perform.
Q: What is the origin of the word industry?
A: The word industry comes from a Latin word that means "working diligently at a task".
Q: What are some examples of industries?
A: Examples of industries include mining, farming, logging, and manufacturing.
Q: What impact did the industrial revolution have on industries?
A: The industrial revolution led to the creation of new industries that utilized standardized processes for production, mass production, and division of labor.
Q: What are the characteristics of goods or services produced by an industry?
A: The goods or services produced by an industry are of a common set of qualities and are indistinguishable from each other (called homogeneous in economics).
Q: Does an industry use standardized processes for production?
A: Yes, an industry generally uses standardized processes for production to ensure the consistent quality of its products or services.
Q: Why is the division of labor important in an industry?
A: The division of labor allows workers to specialize in specific tasks, which increases efficiency and productivity within the industry.
