What Role Does Manufacturing Still Play in the Economy?

A branch of industry that uses tools as well as a processing medium to transform raw materials into finished goods that are offered for sale is known as manufacturing. It involves all intermediate processes that are necessary for producing as well as integrating the components of a product. Sometimes, the term fabrication is used to describe manufacturing of semiconductors as well as steel. Manufacturing and engineering are closely related and manufacturing is responsible for a quarter of the world’s economic activities. It may even be thought of as being a wealth producing sector of the economy, while service sectors may be thought of as being wealth consuming. With newer technologies becoming known as well as used, it has made available new growths in the advanced manufacturing employment opportunities in manufacturing belts across the United States. Manufacturing also plays a significant role in contributing to the national infrastructure and national defense.

The flip and negative side of manufacturing is that it contributes to social as well as environmental costs, especially for cleaning up hazardous wastes, which often outweigh the benefits. Workers may be at risk with regard to their health when they are exposed to hazardous materials and it has resulted in developed countries having regulations concerning manufacturing activities through labor as well as environmental laws. Major manufacturing companies in the US include General Motors Corporation, Ford Motor Company, Chrysler, Gates Rubber Company, as well as Pfizer.

The influence of the Industrial Revolution cannot be overstated as it caused a major shift in technological, socioeconomic, and cultural conditions during the late 18th century and early 19th century which began in Britain and later spread it throughout the world. The main change that took place during the Industrial Revolution was that labor intensive economies became replaced by manufacturing machinery heavy industries. Starting with mechanization in the textile industries, it soon enveloped the iron making techniques and, trade expansion became possible with the introduction of canals, improved roads as well as railways. With steam power as well as powered machinery, there came about a dramatic increase in production capacity.

The advent of the factory or manufacturing plant that is a large industrial building in which workers manufacture goods or supervise machines processing one product into another had considerable effect on where manufacturing would head in the coming years. In the present times, most modern factories consist of large warehouses or warehouse-like facilities that contain heavy equipment that is used in producing goods using assembly lines.

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Source by Wade Anderson