Commercial Applications
Identify the type of industry shown in the given image.
- Genetic Industry
- Extractive Industry
- Analytical Industry
- Synthetical Industry
Answer
Extractive Industry
Reason — The image shows fishing — men catching fish from water. Fishing is an example of an extractive industry. Extractive industries are concerned with the discovery and extraction of natural resources from land, water, or air. Other examples include mining (coal, iron ore), oil drilling by ONGC, lumbering from forests, and quarrying. The products are either directly consumed (like fish as food) or used as raw materials in other industries.
Related Questions
Which of the following correctly distinguishes between commerce and trade?
- Commerce involves production, while trade deals with distribution.
- Commerce involves distribution and auxiliary services, while trade focuses on buying and selling goods.
- Trade creates time utility, while commerce creates form utility.
- Commerce is a subset of trade.
If an organisation is funded entirely by private individuals and operates solely for earning profits, it would be classified under public sector enterprises.
- True
- False
A textile company produces cotton fabrics and sells them to wholesalers who distribute the goods to retailers across the country. The company also advertises its products to create brand awareness. What hindrance does advertising primarily aim to remove in this case?
- Hindrance of place
- Hindrance of knowledge
- Hindrance of finance
- Hindrance of risk
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