Industries Based on Ownership
Public Sector Industries are government-owned and managed entities, prevalent in countries following socialist economic systems, whereas Private Sector Industries are owned and operated by individual investors, common in capitalist economies. Joint Sector Industries, managed by joint stock companies or a combination of public and private sectors, are also present. High-tech industries represent the latest generation of manufacturing activities, characterized by intensive research and development efforts leading to the production of advanced scientific and engineering products.
These industries employ a significant number of skilled professionals and often utilize robotics, computer-aided design, and electronic controls in their operations. Technopolies are highly specialized, regionally concentrated high-tech industries. Animal-based industries utilize resources obtained from animals, such as leather and wool. Basic industries provide raw materials for other industries, while consumer goods industries produce goods directly consumed by consumers. Manufacturing, a crucial contributor to the global economy, encompasses various sectors such as iron and steel, textiles, automobiles, petrochemicals, and electronics.
Industries Based on Ownership| Class 12 Geography Notes
The study of industries based on ownership gives a multifaceted understanding of the economic texture of societies. This chapter dives deeper into the complexities of private, open, and joint-sector businesses, unraveling the complexities that support their operations and affect socio-economic advancement.
Let’s dive further into the key concepts and flow explained in this chapter.