Industry

Industry, in a general sense, is the production of goods and services in an economy. The term industry also refers to a group of enterprises (private business or government operated corporations) that produce a specific type of good service- for example, the operated industry, the gold industry, or the music industry. Some industry produce physical goods, such as lumber, steel, or textiles. Other industries-such as the airline, railroad, and trucking industries- provide services by transporting people or provide services such as lending money and serving food, respectively.
     The word industry comes from the Latin word industria, which means "dilligence," reflecting the highly disciplined way human energy, natural resources, and technology are combined to produce goods and services in a modern economy.
     While societies have always produced goods and services, large- scale production did not occur until the Industrial Revolution, a period of mechanization that began in Britain during the 18th century. Large-scale production is driven by machinery, makes use of advancing technologies, and employs a sizeable workforce unconstrained by preindustrial relationships, such as those of slavery or feudalism.
    Combinations of technology, management, labor, and machines vary significantly among industries and among countries. Economists study the different countries assemble these assets to develop an industrial base.