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Question
State whether the following statement is True or False with reason.
Modern industry is based on profit making.
Options
True
False
Solution
This Statement is True.
Reasons:
- Mechanisation in modern industry refers to the use of precision techniques and accuracy in production. As a result of mass production, machine made goods were much cheaper than handmade goods. It undoubtedly increases profit.
- Mechanisation and automation are features of modern industry. Industrial processes are increasingly automated as science and technology advance. As a result of this increased profit in less time, so much production occurs. In modern industry, the profit motive is always present.
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