What is domestic industry?

Domestic industry is the industry in the home country, that produce for local market.

What are the examples of domestic industry?

Answer: Examples include textiles, metals manufacturing and mining. The government can restrain the imports and normalize the market to help protect and revitalize industries. The footwear, car and steel industries have all benefited from protectionism, according to the Congressional Budget Office.

What does domestic mean?

1 : relating to a household or a family domestic life. 2 : relating to, made in, or done in a person’s own country The president spoke about both foreign and domestic issues. 3 : living with or under the care of human beings : tame domestic animals.

What is the simple definition of industry?

An industry is a group of companies that are related based on their primary business activities. Individual companies are generally classified into an industry based on their largest sources of revenue.

What is non domestic work?

not domestic, esp not relating to the home or native country.

How can we protect domestic industry?

Protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

What is the difference between domestic and factory system?

In the domestic system, the merchant capitalist would provide the capital and raw materials to small scale household producers to produce the manufactured product. In the factory system of production, large number of workers would gather in a factory owned by the capitalist. Production was, therefore, on a large scale.

What are the main features of the domestic system?

domestic system, also called putting-out system, production system widespread in 17th-century western Europe in which merchant-employers “put out” materials to rural producers who usually worked in their homes but sometimes laboured in workshops or in turn put out work to others.

Whats considered a domestic partnership?

In most states that continue to offer it, a domestic partnership involves committed, unmarried couples, same or opposite sex, in a relationship that is like a marriage. Most domestic partners share a residence, finances, and may even raise children together as unmarried partners.

What domestic animals mean?

Domesticated animals are animals that have been selectively bred and genetically adapted over generations to live alongside humans. They are genetically distinct from their wild ancestors or cousins.

What is a domestic industry?

Domestic industry is the industry in the home country, that produce for local market. The partial absorption of art by domestic industry and by domestic female crafts, that is to say, the fusion of artistic activity with other activities, is a retrogression from the standpoint of the division of labour and professional differentiation.

What does domestic production means?

domestic production. economic production located in the immediate producer’s own home. This production may be for the producer’s own use, for direct sale, or financed by and under the control of a capitalist.

What is the definition of domestic goods?

Answer Wiki. So a domestic good is simply something that is produced and consumed within the same country. There are countless amounts of domestic goods in each country, so it is hard to only name a few.