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In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy. The term was originated by Alain Touraine and is closely related to similar sociological theoretical concepts such as post-Fordism , information society , knowledge economy ...
Fordism is "the eponymous manufacturing system designed to produce standardized, low-cost goods and afford its workers decent enough wages to buy them." [ 2 ] It has also been described as "a model of economic expansion and technological progress based on mass production: the manufacture of standardized products in huge volumes using special ...
Historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in carriage manufacturing when the automobile was mass-produced.
The means of production of the firm may depreciate, which means there is a loss in the economic value of capital goods or tangible assets (e.g. machinery, factory equipment) due to wear and tear, and aging. This is known as the depreciation of capital goods. [10]
Contemporary economic sociology may include studies of all modern social aspects of economic phenomena; economic sociology may thus be considered a field in the intersection of economics and sociology. Frequent areas of inquiry in contemporary economic sociology include the social consequences of economic exchanges, the social meanings they ...
N.G. Mankiw definition from the book Economics: Capital is the equipment and structures used to produce goods and services. Physical capital consists of man-made goods (or input into the process of production) that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital. [1]
Buying American-Made Supports Domestic Tourism. When you shop for local and American-made products, tax dollars stay local and reenter the community, adding wealth and value back into the community.
Industrialisation also means the mechanisation of traditionally manual economic sectors such as agriculture. Factories, refineries, mines, and agribusiness are all elements of industrialisation. Industrialisation ( UK ) or industrialization ( US ) is the period of social and economic change that transforms a human group from an agrarian society ...