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Understanding the Basics of IndustryWhen we talk about industry, we are referring to the sector of the economy that is involved in the production of goods or the provision of services. It encompasses various activities such as manufacturing, construction, transportation, and finance, among others. In simple terms, industry is all about the creation and distribution of products that are vital for our daily lives.The Importance of IndustryIndustry plays a crucial role in the growth and development of a country's economy. It not only generates employment opportunities but also contributes to the overall wealth and prosperity of a nation. The products…