Industrial Production
Definition
The creation of goods or services within an industrial setting, usually involving the utilization of machinery, factories, and mass production methods.
Analogy
Imagine industrial production as a well-oiled machine. Each component represents a step in the production process working together smoothly to create products efficiently.
Related terms
Division of Labor: The division of tasks among workers to increase efficiency and specialization in the production process.
Factory System: A method of organizing labor and machinery within designated buildings called factories to streamline industrial production.
Capitalism: An economic system where private individuals or corporations own businesses aiming to generate profit through industrial production.
"Industrial Production" appears in:
Subjects (2)
Practice Questions (3)
During Industrialization in the late 18th century, which development led to the expansion of industrial production in many societies?
What was a primary reason for the shift from agrarian economies to industrial production in Western Europe during the 18th century?
Which technological advancement of the early 20th century significantly increased industrial production?
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