What is a factory? What is industry? What is a company? What is the difference between factory, industry and company?
We often hear many words related to business and these words are so common that we cannot easily understand the difference between them and often remain confused. Some such words are factory, industry, and company, and To remove your confusion and to give you clear and specific information about these three, we have made a post today itself, so do watch this post of Neeraj Monitor till the end, then let’s start.
A factory, also called a manufacturing plant or production plant, is an industrial site. It is often a complex consisting of several buildings containing machinery. Workers manufacture products and operate machines. Factories Modern Economic Production It is a major part of manufacturing because all over the world, products are created and processed in factories. These are buildings where workers use machines to make things that can be sold. In many factories, the entire work is also done through machines. Nowadays, the border factories are big store rooms i.e. warehouses in which manufacturing related heavy tools and equipment are kept. Factories can take the supply of goods from some other place and can make new products from the raw material. Products of every industry are manufactured in factories and some such factories are Clothing and Textile, Electronic Computer and Transportation, Food Production, and Metal Manufacturing, this factor did not always exist but the factory system was started at the time of Industrial Revolution. Before the introduction of this system, the work of making products was done either at home, but after the introduction of the factory system, it was done using power machinery, centralized workplace, unskilled workers and labor divisions to prepare products on a large scale.
What is industry
Now let us talk about Industry. Industry is a particular sector of the economy which is either involved in the manufacturing of goods or provides services. Industry is a group of companies which are similar in their primary business activities. Some such industries are These are Chemicals and Petrochemicals, Auto Mobiles and Auto Components, Construction and Engineering, Financial Services, Food and Beverages, Textiles, Apparels and Accessories, and Real Estate. So further let us tell you that there are four sectors of an industry. Primary sector in this sector is Farming. Mining and logging are included and it involves extraction and production of raw materials. Talking about secondary sector, it includes factories which process products from primary industries. Third, tertiary sector is included in this sector which includes those people who provide services. Provide services like doctors, lawyers, teachers and many other service providers. If we talk about quaternary sector, it includes people who are involved in scientific research and development of new technology.
Difference between factory and industry
If we understand the difference between factory and industry, then factory is a site or location where the making process of business takes place whereas industry is a collection of such businesses which provide goods or services like beauty industry, automobile industry, factory industry, Whereas the area of industry is very white, the scope given to the factory is much less than the industry. Progress is made in the economy through factories and the industry uses the factory for economic progress and it is used by the people of the country. It also helps in improving the living standard. Factories are related to the production of products whereas industry concerns include both production and services.
What is a company
A company is made up of many individuals who work together to fulfill the aims and objectives of the company. A company can be of many types such as Corporation, Partnership, Association, Private Limited or Public Limited Company. Different forms of company depend on its registration and structure. In law, a company is considered an individual, examples of which are all the companies of Axis Bank, Infosys, Tata Steel, Tech Mahindra. If we look at the difference between a company and an industry, then the company is a part of the industry, that is, many companies are involved in an industry. An industry which is involved in the manufacturing of similar products and services is complete in itself and the industry is always bigger than the company. As far as the difference between a factory and a company is concerned, a company is an organization or collection of individuals whereas a factory. There is a facility where products are made and processed.
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