Commercial Applications
Identify the type of industry shown in the given image.
- Genetic Industry
- Extractive Industry
- Analytical Industry
- Synthetical Industry
Answer
Genetic Industry
Reason — The image shows a plant nursery with rows of potted plants — this is an example of a genetic industry. Genetic industries are concerned with reproducing and multiplying plants and animals with the purpose of earning profit from their sale. Other examples include agriculture (growing crops), dairy farming, poultry farming, animal husbandry, pisciculture (fish farming), and orchards.
Related Questions
An entrepreneur faces financial losses due to a natural disaster that damages their inventory. Which auxiliary to trade could have mitigated this loss?
- Transportation
- Warehousing
- Insurance
- Banking
An insurance company compensating a trader for loss due to fire is an example of removing the hindrance of finance.
- True
- False
Which of the following correctly represents the interdependence of industry, commerce, and trade?
- Commerce is independent of industry, while trade depends on industry.
- Industry creates goods, commerce distributes them, and trade facilitates their exchange.
- Trade relies on commerce, but industry operates independently.
- Industry creates form utility, while trade creates time utility and commerce creates possession utility.
Statement I: A non-profit organisation providing free educational services generates income by selling goods.
Statement II: Non-profit organisations focus on serving society rather than earning profits.
- Both I and II are correct
- Both I and II are wrong
- Only I is correct
- Only II is correct