Difference between factory and industry and company | Factory vs Industry vs Company
Friends, we are informing you about business ideas and strategies through our posts, today we will tell you about one such business. Today we will tell you What is the difference between a factory, company & industry?
Many of the business-related words we hear almost all the time, and these words are so common that we do not understand the difference between them. And for these words we are often confused, what is factory, company, industry. We created this post today to clear up your confusion and provide clear and specific information about factories, companies, and industry. For this, you can read our entire post. Let’s get started and know all the step-by-step information.
What is a factory?
The factory is called a manufacturing plant or production plant, which is an industrial site. It is usually a complex with many buildings and machinery. And the worker manufactures the product in the factory, and at the same time operates the product-related machine. Factory mode on economic is an important part of the plant because the product is made in the factory of the manufacturer all over the world. A factory is a building where workers use machines to make products that can be sold. There are many factories where complete product manufacturing is done with the help of machines. And now that there are modern factories, there are big store-rooms which means war houses. And the store-rooms store heavy tools and equipment related to manufacturing. The factory can take supplies from other places, make new products from raw materials. And the products of every industry are made in factories, and the names of some of these products are –
- Electronics product
- Computers and transportation
- Clothing and textile
- Metal manufacturing
- Food product
This factory did not exist before, but this process was started during the industrial revolution. Before starting this system, the work of the product may have been done at home or in a small workshop. But after the creation of the factory system, powered machinery, centralized workplace, labor division has been used to make products on a much larger scale.
We think you know what a factory is, so let’s find out now from Industries.
What is Industry?
The industry is a particular sector of the economy that manufactures goods or provides services. The industry is a primary group that is similar in business activities. There are some industries like –
- Financial Services
- Food and beverages
- Real estate
- Textiles apparel and accessories
- Automobiles and auto components
- Chemicals and petrochemicals
- Construction and engineering
Sector in the industry
And the industry has 4 sectors –
This sector involves farming, mining, lodging. This sector includes the extraction and production of raw materials.
There are factories in the secondary sector. Which processes products from the primary industry.
The tertiary sector involves many industries that provide services, such as doctors, lawyers, teachers, web developers, graphic designers, and many more.
There are people in the quaternary sector who are involved in the development of scientific research and technology.
All I know is the definition of industry and factory. And the reference between the factory and the industry is –
Factory site or location where business making is done. Where the industry collects such business and provides the same materials bus service, such as –
- Beauty industry
- Automobile industry
Difference between factory and industry
The factory is located in a part of the industry, where the industrial area grows. There is less scope from industry to a factory. Economic progress is made through factories and industry uses factories for economic progress. And it helps the people of that country to make their living standard better. The factory is only related to the production of the product. And in the case of industry, both production and service are involved. After knowing the industry and factory differences, let us know about the company.
What is Company?
The company is made an individual where the AIMS of that company works to fulfill the purpose. There are many types of companies, such as-
- Private limited company
- Public limited company
- Limited liability company
Different fonts of the company depend on its registration and structure. The law treats the company as an individual, such as-
- Axis Bank
- Tata Steel
- Tech Mahindra
Difference between company and industry
If we differentiate between the company and the industry, then the company is a part of the industry. This means that there can be many companies in an industry that are involved in similar products and manufacturing. The industry itself is complete, hey the industry is always bigger than the company.
And the difference between a factory and a company is that the company is an association or collection of individuals. A factory is a facility where products are made and processed.
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