Question

Write a word or phrase or term which can substitute each one of the following statements.

An industry in which creation of product and services is home based rather than factory based.

Answer 1

An industry in which creation of product and services is home based rather than factory based – Cottage industry

Explanation:
In cottage industries, the capital invested is small and indigenous technology is used for producing goods. Cottage industries incorporate family labour and local talents for producing simple products. However, they are not organised by the government; rather, they are established by individuals using their own funds and resources. Herein, production takes place at home and the employees are mostly family members.