The terms factory and industry are used interchangeably, but the meaning of these words are not the same. In fact, industry refers to the production of economic goods. These goods can be materials, products or services. A factory, on the other hand, is the actual location where the materials or products are produced or created.
INDUSTRY :-
Industry is the production of an economic good or service within an economy.Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This occurred through many successive rapid advances in technology, such as the production of steel and coal. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries. Many developed countries and many developing/semi-developed countries (People's Republic of China, India etc.) depend significantly on industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.
FACTORY :-
A factory (previously manufactory) or manufacturing plant is an industrial site, usually consisting of buildings and machinery, or more commonly a complex having several buildings, where workers manufacture goods or operate machines processing one product into another.Factories may either make discrete products or some type of material continuously produced such as chemicals, pulp and paper, or refined oil products.
In short :-
1. ‘Industry’ is the production of economic goods and services while ‘factory’ is a place where goods are produced or manufactured.
2. Both are involved in the economic process but an industry is broader in scope while a factory is not.
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