cottage industry
A "cottage industry" often refers to small-scale, home-based businesses that rely on traditional methods and cater to niche markets.
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Definition
B2Economics
(general)A small-scale business operated from a home, often involving crafts or skilled labor.
Example
- She started a cottage industry making handmade soaps in her kitchen.
- Many rural areas rely on cottage industries to support their local economy.
C1Business
(technical)A decentralized industry characterized by small-scale production, often by family members or a close-knit community.
Example
- The village's economy thrives on various cottage industries, from weaving to pottery.
- Cottage industries often face challenges in scaling up due to their limited production capacity.