Q. Consider the following statements:

1. An industrial system consists of inputs, processes and outputs.
2. The inputs include raw materials, labour and costs of land, income earned, power, etc.

Which of the above is / are correct?
Answer: Only 1
Notes: An industrial system consists of inputs, processes and outputs. The inputs are the raw materials, labour and costs of land, transport, power and other infrastructure. The processes include a wide range of activities that convert the raw material into finished products. The outputs are the end product and the income earned from it.