Generally speaking, the industrial economy concerns those activities combining factors of production (facilities, supplies, work, knowledge) to produce material goods intended for the market.
What does production economy mean?
Production is the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
What is production give an example?
Production is the process of making, harvesting or creating something or the amount of something that was made or harvested. An example of production is the creation of furniture. An example of production is harvesting corn to eat.
Which is the best definition of the word factory?
noun, plural fac·to·ries. a building or group of buildings with facilities for the manufacture of goods. any place producing a uniform product, without concern for individuality: They call it a law school, but it’s just a degree factory. (formerly) an establishment for factors and merchants carrying on business in a foreign country.
What is the definition of the word economic?
Economic ‘s definition states the word is “of or relating to the science of economics or the economy,” or of personal finances, as well. It can be used in a variety of ways, some already familiar to you. There can be an economic boom, or economic development.
Why was a factory important to the Industrial Revolution?
They are a critical part of modern economic production, with the majority of the world’s goods being created or processed within factories. Factories arose with the introduction of machinery during the Industrial Revolution, when the capital and space requirements became too great for cottage industry or workshops.
When was the first use of the word economic?
The first known use of economic was in 1599. English Language Learners Definition of economic. Kids Definition of economic. 2 : relating to or based on the making, selling, and using of goods and services The program promoted economic growth.
