An industry is the production of goods or related services within an economy.The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.
Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the buyer's willingness to make the exchange. Public services are those that society as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Service is intangible in nature.
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.
Following the Industrial Revolution, possibly a third of the economic output comes from manufacturing industries. Many developed countries and many developing/semi-developed countries (China, India etc.) depend significantly on manufacturing industry.
Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial design, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be sold to other manufacturers for the production of other, more complex products, such as aircraft, household appliances, furniture, sports equipment or automobiles, or sold to wholesalers, who in turn sell them to retailers, who then sell them to end users and consumers.
A developed country, industrialized country, more developed country, or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate.
Slavery, the practice of utilizing forced labor to produce goods [ not in citation given ] and services, has occurred since antiquity throughout the world as a means of low-cost production. It typically produces goods for which profit depends on economies of scale, especially those for which labor was simple and easy to supervise. International law has declared slavery illegal.
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Slavery in international law is governed by a number of treaties, conventions and declarations. Foremost among these is the Universal Declaration on Human Rights (1948) that states in Article 4: “no one should be held in slavery or servitude, slavery in all of its forms should be eliminated.”
Guilds, associations of artisan s and merchants, oversee the production and distribution of a particular good. Guilds have their roots in the Roman Empire as collegia (singular: collegium) Membership in these early guilds was voluntary. The Roman collegia did not survive the fall of Rome. [ need quotation to verify ] While few guilds remain today [update] , some modern labor structures resemble those of traditional guilds. Other guilds, such as the SAG-AFTRA act as trade union s rather than as classical guilds. Professor Sheilagh Ogilvie claims that guilds negatively affected quality, skills, and innovation in areas that they were present.In the early middle ages, guilds once again began to emerge in Europe, reaching a degree of maturity by the beginning of the 14th century.
An artisan is a skilled craft worker who makes or creates things by hand that may be functional or strictly decorative, for example furniture, decorative arts, sculptures, clothing, jewellery, food items, household items and tools or even mechanisms such as the handmade clockwork movement of a watchmaker. Artisans practice a craft and may through experience and aptitude reach the expressive levels of an artist.
A merchant is a person who trades in commodities produced by other people. Historically, a merchant is anyone who is involved in business or trade. Merchants have been known for as long as industry, commerce, and trade have existed. During the 16th-century, in Europe, two different terms for merchants emerged: One term, meerseniers, described local traders such as bakers, grocers, etc.; while a new term, koopman, described merchants who operated on a global stage, importing and exporting goods over vast distances, and offering added value services such as credit and finance.
The Roman Empire was the post-Roman Republic period of the ancient Roman civilization. An Iron Age civilization, it had a government headed by emperors and large territorial holdings around the Mediterranean Sea in Europe, North Africa, and West Asia. From the constitutional reforms of Augustus to the military anarchy of the third century, the Empire was a principate ruled from the city of Rome. The Roman Empire was then divided between a Western Roman Empire, based in Milan and later Ravenna, and an Eastern Roman Empire, based in Nicomedia and later Constantinople, and it was ruled by multiple emperors.
The industrial revolution (from the mid-18th century to the mid-19th century) saw the development and popularization of mechanized means of production as a replacement for hand production.The industrial revolution played a role in the abolition of slavery in Europe and in North America.
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The Industrial Revolution led to the development of factories for large-scale production with consequent changes in society.Originally the factories were steam-powered, but later transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to assemble parts in a repeatable fashion, with individual workers performing specific steps during the process. This led to significant increases in efficiency, lowering the cost of the end process. Later automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot.
The Industrial Revolution was the transition to new manufacturing processes in Europe and the US, in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. The Industrial Revolution also led to an unprecedented rise in the rate of population growth.
Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge. In early days, electricity was considered as being not related to magnetism. Later on, many experimental results and the development of Maxwell's equations indicated that both electricity and magnetism are from a single phenomenon: electromagnetism. Various common phenomena are related to electricity, including lightning, static electricity, electric heating, electric discharges and many others.
An electrical grid, or electric grid, is an interconnected network for delivering electricity from producers to consumers. It consists of
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.
A recent trend has been the migration of prosperous, industrialized nations towards a post-industrial society. This is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturers relocate to more profitable locations through a process of off-shoring.
Measurements of manufacturing industries outputs and economic effect are not historically stable. Traditionally, success has been measured in the number of jobs created. The reduced number of employees in the manufacturing sector has been assumed to result from a decline in the competitiveness of the sector, or the introduction of the lean manufacturing process.
Related to this change is the upgrading of the quality of the product being manufactured. While it is possible to produce a low-technology product with low-skill labour, the ability to manufacture high-technology products well is dependent on a highly skilled staff.
An industrial society is a society driven by the use of technology to enable mass production, supporting a large population with a high capacity for division of labour. Today, industry is an important part of most societies and nations. A government must have some kind of industrial policy, regulating industrial placement, industrial pollution, financing and industrial labour.
In an industrial society, industry employs a major part of the population. This occurs typically in the manufacturing sector. A labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages, hours, and other working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labour contracts with employers. This movement first rose among industrial workers.
The Industrial Revolution changed warfare, with mass-produced weaponry and supplies, machine-powered transportation, mobilization, the total war concept and weapons of mass destruction. Early instances of industrial warfare were the Crimean War and the American Civil War, but its full potential showed during the world wars. See also military-industrial complex, arms industries, military industry and modern warfare.
Countries by Industrial Output (in nominal terms) at peak level as of 2018 (billions in USD)
Top 20 Countries by Industrial Output (in nominal terms) in 2015 (millions in 2005 constant USD and exchange rates)
The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector.
A factory or manufacturing plant is an industrial site, usually consisting of buildings and machinery, or more commonly a complex having several buildings, where workers manufacture goods or operate machines processing one product into another.
Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.
The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th. The First Industrial Revolution, which ended in the early to mid 1800s, was punctuated by a slowdown in macroinventions before the Second Industrial Revolution in 1870. Though a number of its characteristic events can be traced to earlier innovations in manufacturing, such as the establishment of a machine tool industry, the development of methods for manufacturing interchangeable parts and the invention of the Bessemer Process to produce steel, the Second Industrial Revolution is generally dated between 1870 and 1914.
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 putting-out system is a means of subcontracting work. Historically, it was also known as the workshop system and the domestic system. In putting-out, work is contracted by a central agent to subcontractors who complete the work in off-site facilities, either in their own homes or in workshops with multiple craftsmen.
Rostow's Stages of Economic Growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length:
Productive forces, productive powers, or forces of production is a central idea in Marxism and historical materialism.
The term information of revolution describes current economic, social and technological trends beyond the Industrial Revolution.
The dual-sector model is a model in developmental economics. It is commonly known as the Lewis model after its inventor W. Arthur Lewis. It explains the growth of a developing economy in terms of a labour transition between two sectors, the capitalist sector and the subsistence sector.
The following outline is provided as an overview of and topical guide to industry:
The following outline is provided as an overview of and topical guide to manufacturing:
De-industrialisation is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially heavy industry or manufacturing industry. It is the opposite of industrialisation.
One classical breakdown of economic activity distinguishes three sectors:
Advanced manufacturing is the use of innovative technology to improve products or processes.
The following outline is provided as an overview of and topical guide to production:
Engels' Pause, a term coined by professor Robert C. Allen, was a period between 1800-1840 in Britain where, during the movement of the Industrial Revolution, the real wage growth of the working class in the British economy remained comparatively stagnant while gross domestic product per capita expanded rapidly. The term “Engels' Pause” was born from German philosopher Friedrich Engels, who accounted this period in his work The Condition of the Working Class in England.
Some argue that slavery died out due to the rise of industrial production modes, involving a larger number of work tasks, thus making slavery more costly in terms of supervision.
[...] a cognitive basis of any kind had to be at least approximately defined before the rising modern professions could negotiate cognitive exclusiveness — that is, before they could convincingly establish a teaching monopoly on their specific tools and techniques, while claiming absolute superiority for them. The proved institutional mechanisms for this negotiation were the license, the qualifying examination, the diploma, and formal training in a common curriculum. The typical institutions that administered these devices were, first, the guild-like professional association, and later the professional school, which superseded the association in effectiveness. [...] Obviously, none of this was in itself an organizational invention. The guilds of merchants that sprang up in eleventh-century Europe were also voluntary associations tending towards the monopolistic control of a new form of trade.[...]
The empirical findings cast doubt on views that guilds existed because they were efficient institutional solutions to market failures relating to product quality, training, and innovation.
Before the advent of the Industrial Revolution, [...] [m]ost manufacturing was done in homes or small, rural shops, using hand tools or simple machines.
As the Industrial Revolution proceeded, the main focus of economic attention shifted to the new industries created by Britain's technological prominence. These industries looked not for protection but for an opening of export markets. As the political economy shifted, the West Indian interest became vulnerable to their opponents. The slave trade was abolished in 1807 and slavery eventually abolished in 1833.
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