what is the significance of iron and steel industry in economic development?what is basic industry?give exampl

Answer 1

the basic is the whole concept of supply and demand many steel and iron companys export wich brings foreign revenue so supply and demand

Answer 2

Modern economic / industrial development is impossible without a supply of iron and steel.

Until the development of many new types of plastics after World War 2, almost every type of product that might be made in a mass-production factory was made from iron or steel. So, really, a country could not become industrialized without a big supply of iron and steel.

Iron and steel were (still are) essential to creating the infrastructure for a modern industrial and trading economy. Building and operating railroads requires a huge volume of iron and steel products, and without railroads a country could not easily and quickly transport large volumes of agricultural produce or manufactured products to the markets that would buy them. Similarly, ships are made from iron and steel, and are essential to trading with overseas nations.

A "basic industry" is one that produces items that are needed by other manufacturers. The ordinary person in the street has no use for a piece of steel. But the ordinary person in the street may want a bicycle or a car. The car or bicycle can only be made if the steel is available. So availability of iron and steel is "basic" to a lot of manufacturing of finished, usable products.

Answer 3

Without a capable steel industry you can not build large structures like bridges, skycraper and industrial tools. So a steel industy is your first step towards economic development. Once you have that you can build railroads, and locomotives. You can build factories that produce finished products for either consumers, or other industries. It is in many ways the most basic industry, since it feeds almost all others.