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[5] In the classical conceptualization of free-market economic theory, the underlying assumption is that production and consumption are self-regulating in that producers and consumers ultimately behave in ways that produce the greatest benefit for society, the metaphorical invisible hand conceptualized by Scottish economist Adam Smith in the ...
Industrial production is a measure of output of the industrial sector of the economy.The industrial sector includes manufacturing, mining, and utilities. [1] Although these sectors contribute only a small portion of gross domestic product (GDP), they are highly sensitive to interest rates and consumer demand. [2]
Certain chemical process yield important basic materials for society, e.g., (cement, steel, aluminum, and fertilizer).However, these chemical reactions contribute to climate change by emitting carbon dioxide, a greenhouse gas, through chemical reactions, as well as through the combustion of fossil fuels to generate the high temperatures needed to reach the activation energies of the chemical ...
The following outline is provided as an overview of and topical guide to industry: Industry, in economics and economic geography, refers to the production of an economic good or service within an economy. [1]
Process manufacturing is a branch of manufacturing that is associated with formulas and manufacturing recipes, [1] and can be contrasted with discrete manufacturing, which is concerned with discrete units, bills of materials and the assembly of components. Process manufacturing is also referred to as a 'process industry' which is defined as an ...
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.
Economists may regard the manufacture of vehicles as a foundational industry and as a bellwether industry. [1] In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. [2] For example, one might refer to the wood industry or to the insurance industry.
Industry 4.0 is a project in the high-tech strategy of the German government that promotes the computerization of traditional industries such as manufacturing. The goal is the intelligent factory (Smart Factory) that is characterized by adaptability, resource efficiency , and ergonomics, as well as the integration of customers and business ...