Industry and economy in historical context

Industry refers to the production of goods and services through organized processes, traditionally powered by manufacturing and factories. The economy encompasses the broad system of consumption, production, and distribution of goods and services within a society. Historically, economies evolved from agrarian (farming-based) to industrial (factory-based) during the Industrial Revolution, revolutionizing labor, technology, and wealth distribution. These shifts impacted societal structures, leading to urbanization and new social dynamics. Today, the economy continues to adapt with digital technology and global interconnectedness, shaping how nations grow, prosper, and face challenges.