Question 1

What does the term 'industry' refer to?

Accepted Answer

Industry refers to an economic activity that is concerned with production of goods, extraction of minerals, or provision of services. Therefore, manufacturing goods, producing coal, or providing tourism services all fall under industries.

Question 2

Which of the following is an example of an agro-based industry?

Accepted Answer

Agro-based industries use plant and animal-based products as their raw materials. Food processing, vegetable oil, cotton textile, dairy products, and leather industry are examples of agro-based industries. Cotton textile uses cotton as raw material which is an agricultural product.

Question 3

Which raw material is primarily used in mineral-based industries?

Accepted Answer

Mineral-based industries are primary industries that use mineral ores as their raw materials. The products of these industries feed other industries, such as iron made from iron ore being used as raw material for building heavy machinery.

Question 4

Which of the following classifies industries according to their ownership?

Accepted Answer

Industries can be classified according to ownership into private sector, state-owned or public sector, joint sector, and cooperative sector. Ownership determines who controls and manages the industrial unit.

Question 5

An industry owned and operated by the producers or suppliers of raw materials, workers, or both is known as:

Accepted Answer

Cooperative sector industries are owned and operated by the producers or suppliers of raw materials, workers, or both. Examples include Anand Milk Union Limited (AMUL) and Sudha Dairy.