Tag Archives: Raw materials

What is meant by derived demand?

What is meant by derived demand? 1. Demand for a basic good (wanted not for its own sake but for the goods derived from it) such as a textile that is due to its use in the production of another good such as apparels. 2. Demand for an input to a production process, dependent on the output of a final …

Read More »

What is meant by secondary industry?

What is meant by secondary industry? Industry that converts the raw materials provided by primary industry into commodities and products for the consumer; manufacturing Or The industrial sector of an economy that is dominated by the manufacture of finished products. Unlike a primary industry, which collects and produces raw materials for manufacture, a secondary industry makes products that are more …

Read More »

What is industry?

What is industry? Economic activity concerned with the processing of raw materials and manufacture of goods in factories. Or A particular form or branch of economic or commercial activity: “the tourist industry”. Or A classification that refers to a group of companies that are related in terms of their primary business activities. In modern economies, there are dozens of different …

Read More »

Define closing stock

Define closing stock A business’s remaining stock at the end of an accounting period. It includes finished products, raw materials, or work in progress and is deducted from the period’s costs in the balance sheets. Example At the end of the month the closing stock was 10 per cent higher than at the end of the previous month. Source: http://www.investorwords.com/9203/closing_stock.html#ixzz2XJseyEdb …

Read More »
Skip to toolbar