Question

Which of the following statements is wrong regarding industry?

1. Industry includes all those business activities which involve extracting multiplying growing, processing, assembling and constructing useful products.
2. The term ‘industry’ refer to a group of firms producing similar or related goods.
3. The business enterprises which undertake industrial activities are known as industrial enterprises.
4. People who own and control industries are called manufacturers.

Options

• Only (i) is wrong.

• Only (ii) is wrong.

• (iv) is wrong.

• All of them are wrong.

Answer 1

(iv) is wrong.

Explanation:

Statement (iv) is incorrect because people who own and control industries are generally called industrialists, not manufacturers. Manufacturers specifically refer to those who are directly involved in the production of goods, whereas industrialists own or control the broader industry.