Question

State whether the following statement is True or False with reason.

Modern industry is based on profit making.

Options

• True

• False

Answer 1

This Statement is True.

Reasons:

1. Mechanisation in modern industry refers to the use of precision techniques and accuracy in production. As a result of mass production, machine made goods were much cheaper than handmade goods. It undoubtedly increases profit.
2. Mechanisation and automation are features of modern industry. Industrial processes are increasingly automated as science and technology advance. As a result of this increased profit in less time, so much production occurs. In modern industry, the profit motive is always present.