Difference between Factory and Industry
Producing goods is one of the significant aspects of a business as well as a company. There are different kinds of work/ business/ companies like manufacturing goods, cosmetic products, food, electronic gadgets, clothes, etc. These products are helpful on a daily basis in everybody's life. Food, cosmetics, cleaning products, etc., are used on a daily basis by people. Products are the requirements for people. Now, there are two terms that confuse the people. We have often misunderstood these terms and used them in the same context. These terms are Factory and Industry. These two terms are highly confusing. But it is interesting to note that they are not the same. So, let us first understand the primary meaning of these terms.
A factory is defined as a building, or a group of buildings wherein the goods are produced or manufactured through a machine. A factory is a production plant comprising of many buildings. The machines are operated by the workers and are used to produce items. The 'modern factory' was first made by Richard Arkwright. For instance, a place where motorcycles and cars are manufactured can be called as a factory. An illustrative example can also be the schools where the germs spread quickly. Such a factory can be called as a 'germ factory.' Similarly, in social studies, a group of buildings that manufactures goods is called a factory. In social studies, a factory is called as a law school (degree factory).
Interestingly, Lombe's Mill of the 18th century is the first factory in the world. From 1718-1721, continuous production took place in England. This was later developed by Richard Arkwright. There are different types of factories like job shops, metal, electronics, petroleum, chemicals, etc. Now, here arises a question; why were factories invented? Well, there is an obvious reason for that, i.e., to produce goods. But there is a more prominent reason for this. Factories aim at making a centralized workplace. Rather than people working separately in their homes, factory work brings them together. The factory was essential because the machinery and equipment required many workers for the operation and manufacturing of goods. That is why many workers work together in a factory. It gives rise to cordial relationships among the factory workers and owners.
In macroeconomics, an industry is defined as a branch of economics that produces raw materials, services, and goods. For instance, the insurance industry provides services to the people buying an insurance policy. There are four significant kinds of industries, namely the primary industry, the secondary industry, the tertiary industry, and the quaternary industry. Well, industrial development is an important part of the country. It is considered as a synthesis comprising of four major factors, i.e., government, labor, business, and technology. Industrial projects are fulfilled through close coordination between all these four factors. Examples of industries include the agriculture industry, advertising, communications industry, creative industry, education, farming, fashion, finance, etc. There are more than 40 kinds of industries. Now, why are industries important? Well, industries help in increasing the employment levels. Secondly, industries can lead to an increase in the GNP. With the increase in GNP, the production of the country increases. With industrialization, the development and growth in agriculture, transport, and communication increases. A variety of consumer goods are produced in the nation that reduces the dependency of a particular nation on other countries.
Now, there are certain differences between a factory and an industry. So, let us have a look at them.
So, these are some of the contrasting points between a factory and an industry. Now, there are certain advantages and disadvantages of factories and industry. So, let us have a look at them.
Advantages of Factory
Disadvantages of Factory
Advantages of Industries
Disadvantages of Industry
So, these are some of the advantages and disadvantages of factories and industry. Both of them are essential for manufacturing day-to-day products for people. However, in the process, the environment is damaged. Pollution is the major drawback of factories and industry. Thus, both factory and industry are a significant part of the business.