Economics and industry are very closely related than economics and factory. Depending upon the economy of a particular region or a country, people keep moving from one sector of the industry to the next sector. Industries make use of the growth in the economy to move further. Thus, it is essential to have a perfect blend of both factories and industries if any given country has to grow in its stature.
For example, steel factories would prompt a growth in the economy of a region or a state. This in turn would pave the way for the development of steel industry and the advancement in the particular industrial sector. Thus, the region or the state keeps moving from one sector to the next. Factory development would take place if industrial development keeps on growing. Once the industrial development comes to a halt, factory advancement also would come to a halt.
In other words, it would mean that more and more development in the steel industry would pave the way for the construction of more and more steel factories. Thus, it is understood that industrial development is all about production. This is done either manually or with the help of machines. Factories are also known as a manufacturer or a manufacturing plant. They can also be warehouses, where the products are stored. Most modern factories contain heavy equipment used for assembly line production.
They gather and concentrate resources, such as laborers, capital, machine and materials. Factories are responsible for creating the growth that develops in an economy. Industry makes use of this growth to advance the economy and the quality of life for the people of the country.
As the industry grows and develops, there is an additional need for factories. Most modern factories have large warehouses or warehouse -like facilities that contain heavy equipment used for assembly line production. Large factories tend to be located with access to multiple modes of transportation, with some having rail, highway and water loading and unloading facilities.
Factories may either make discrete products or some type of material continuously produced such as chemicals , pulp and paper , or refined oil products. Factories manufacturing chemicals are often called plants and may have most of their equipment — tanks, pressure vessels , chemical reactors , pumps and piping — outdoors and operated from control rooms.
Oil refineries have most of their equipment outdoors. Discrete products may be final consumer goods, or parts and sub-assemblies which are made into final products elsewhere. Factories may be supplied parts from elsewhere or make them from raw materials. Continuous production industries typically use heat or electricity to transform streams of raw materials into finished products.
The term mill originally referred to the milling of grain, which usually used natural resources such as water or wind power until those were displaced by steam power in the 19th century. Because many processes like spinning and weaving, iron rolling, and paper manufacturing were originally powered by water, the term survives as in steel mill , paper mill , etc. Though factory and industry are intertwined in the development of the economy of a country or a state, there is a significant difference between the two.
A factory is a manufacturing plant. Industry refers to the production of a material or service within an economy. This is the main difference between factory and industry. Though, when speaking about the whole economy, we generally speak about industries, the production process actually takes place within factories. So, a factory is actually very important. There are some other characteristics of factories and industries that we have to understand if we are to learn more about the differences between them.
A factory is a place where the production process of an economy actually takes place. It is what creates the growth in the economy. For example, think about a garment factory. A garment factory is where the preparing of garments actually happen.
This could be weaving fabrics or sewing ready-made clothes. Factories gather resources such as laborers, capital, and plant that are necessary for the production of goods. Factories are also characterized by the presence of warehouses. The purpose of the warehouses is to store huge equipment necessary for the production of goods. In an economy, an industry can mean two things. First of all, industry refers to a group of companies that produce the same product or service.
For example, think about the garment industry. The whole of the industry focuses on producing garments. Secondly, industry is primarily divided into sectors. In fact, it is divided into four sectors namely, primary sector, secondary sector, tertiary sector, and quaternary sector.
Primary sector deals with the activity of gaining resources from the Earth. This includes different processes such as mining, farming, and logging. In the secondary sector, we have the companies that are involved in refining the products given by the primary industries such as farming.
For example, meat processing can be known as an example where the primary product of meat is refined. In the tertiary sector, we can only see services.
In law, the company is considered as an individual such as:. Factory is a site or location where the making process of business takes place whereas industry is a collection of businesses that provide the same material and service such as: Beauty industry, Automobile industry etc. There is progress in the economy through the factory and the industry uses the factory for the economy, and also helps in improving the living standard of the people of that country.
Factory is only related to the production of the product, whereas the concern of the industry includes both production and services. Company is a part of industry i. Company is an association or collection of individual whereas factory is a facility where products are made, processed. Primary Sector: This sector includes Farming, Mining and Lodging and involves the extraction and production of row material.
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