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A factory, manufacturing plant or production plant is an industrial facility, often a complex consisting of several buildings filled with machinery, where workers manufacture items or operate machines which process each item into another.
Cement factories, part of the manufacturing industry, produce product for the construction industry (also known as the building industry). This factory was in Malmö, Sweden. Burj al Arab as a symbol for the hospitality industry An image of the motor industry (automotive industry), a supplier to the transport industry.
Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final product. The manufacturing process begins with the product design, and materials specification. These materials are then modified through manufacturing to become the ...
Manufacturing is an important activity in promoting economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth, which supports higher incomes and therefore marginal tax revenue needed to fund such government expenditures as health care and infrastructure .
Economic growth took place mostly in the mining, construction and manufacturing industries. In the economies of modern consumer societies, services, finance, and technology—the knowledge economy—play an increasingly significant role.
Moroney, J. R. (1967) "Cobb-Douglass production functions and returns to scale in US manufacturing industry", Western Economic Journal, vol 6, no 1, December 1967, pp 39–51. Pearl, D. and Enos, J. (1975) "Engineering production functions and technological progress", The Journal of Industrial Economics, vol 24, September 1975, pp 55–72.
Reconstructed historical factory in Žilina for production of safety matches.Originally built in 1915 for the firm Wittenberg and Son.. The factory system is a method of manufacturing whereby workers and manufacturing equipment are centralized in a factory, the work is supervised and structured through a division of labor, and the manufacturing process is mechanized.
The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the opposite. Economies of scale often have limits, such as passing the optimum design point where costs per additional unit begin to increase.