Difference between Factory and Industry
Key difference: Industry is the production of material or service products that contribute to an economy. A factory is a building where the actual manufacturing of the product takes place.
In many cases, 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 has a much bigger scope than just factories. Many developed countries and many developing or semi-developed countries depend significantly on industry. Each country’s economy is based on industries. There are four main sectors in industry – primary, secondary, tertiary and quaternary.
The primary sector involves the extraction of resources directly from the Earth. The resources do not need to be processed. This includes farming, mining and logging. The secondary sector is involved in the processing of products from the primary industries. They refine the resources into materials. This includes metal refining, producing furniture, meat processing, etc. The tertiary sector is basically services. These are service providers, which do not include an actual physical product, such as teachers, managers, etc. The quaternary sector is basically involved in the research of science and technology.
Industry is an abstract concept of which factories are a part of. A factory is an industrial building or a complex of several buildings where laborers process or create the products. This is done either manually or with the help of machines. Factories are also known as a manufacturer or a manufacturing plant. They can also be warehouses, where the products are stored. Most modern factories contain heavy equipment used for assembly line production. They gather and concentrate resources, such as laborers, capital, machine and materials.
In order for a country’s economy to flourish and prosper, there has to be abundance of both factories and industries. Factories are responsible for creating the growth that develops in an economy. Industry makes use of this growth to advance the economy and the quality of life for the people of the country. As the industry grows and develops, there is an additional need for factories. Likewise, if there are factories, then the industry will continue to grow and develop.
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