BASIC INDUSTRY Meaning and
Definition
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Basic industry refers to the sector within an economy that is involved in the production and manufacturing of essential goods and services. These industries are considered fundamental to the economic health and development of a country, as they provide the necessary foundation for all other sectors. Basic industries typically produce and supply materials, components, and energy that are required by other industries to carry out their operations and produce end products.
The term "basic" signifies the fundamental nature of these industries, as they are involved in the extraction or cultivation of natural resources, as well as the transformation and processing of these resources into raw materials or intermediate goods. Examples of basic industries include agriculture, mining, oil and gas extraction, forestry, and manufacturing of essential products such as steel, chemicals, and machinery.
Basic industries are not only crucial for the functioning of other sectors but also contribute significantly to employment generation, economic growth, and foreign trade. Their activities involve large-scale operations, high investments, and significant technological capabilities. The development and competitiveness of a country's basic industries often determine its ability to supply essential goods domestically and engage in global trade.
Overall, basic industries play a pivotal role in ensuring the stability and sustainability of an economy by providing the necessary inputs for other sectors, driving innovation and technological advancements, and contributing to overall economic development.
Common Misspellings for BASIC INDUSTRY
- vasic industry
- nasic industry
- hasic industry
- gasic industry
- bzsic industry
- bssic industry
- bwsic industry
- bqsic industry
- baaic industry
- bazic industry
- baxic industry
- badic industry
- baeic industry
- bawic industry
- basuc industry
- basjc industry
- baskc industry
- basoc industry
- bas9c industry
- bas8c industry
Etymology of BASIC INDUSTRY
The word "basic" in "basic industry" is derived from the Latin word "basis", which means foundation or underlying principle. It entered the English language via French in the early 19th century.
The term "industry" comes from the Latin word "industria", which means diligence or skill. It evolved from the Latin adjective "industrius", which means hardworking or active.
When combined, the phrase "basic industry" refers to the fundamental or foundational sectors of an economy that produce essential goods or services. The origin of this specific term can be traced to economic and industrial development studies in the early to mid-20th century.
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