A consumer demands not only food,
clothing and housing, radio or refrigerators
etc. but he demands services like health,
education and transport etc. as well. Such
services are called consumer services.
In the similar way, a producer needs
various kinds of services such as transport
services to transport raw-material to
industries and finished goods from
industries to the market, power for the
operation of machines, irrigational facilities
to irrigate the farms, for increasing the
efficiency of labour, educational and health
services are needed. Such services are
called producers services or inputs.
For the provisions of services both for
producers and consumers some facilities
like construction of power houses, roads, buses, hospitals and
schools have to be created.
All such common facilities creating production services are a
part of capital stock like the stock of other capital goods such as
machine tools, raw-material and goods manufacturing factories.
Thus, capital stock is of two types -
1. Which produces goods like factories or machines.
2. Which provide services like roads, power
Meaning of Infrastructure
Answers
Explanation:
A factory, manufacturing plant or a production plant is an industrial site, usually a complex consisting of several buildings filled with machinery, where workers manufacture items or operate machines which process each item into another. They are a critical part of modern economic production, with the majority of the world's goods being created or processed within factories.
Factories arose with the introduction of machinery during the Industrial Revolution, when the capital and space requirements became too great for cottage industry or workshops. Early factories that contained small amounts of machinery, such as one or two spinning mules, and fewer than a dozen workers have been called "glorified workshops".[1]
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. In some countries like Australia, it is common to call a factory building a "Shed[2]".
Factories may either make discrete products or some type of continuously produced material, 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.
Public works are a broad category of infrastructure projects, financed and constructed by the government, for recreational, employment, and health and safety uses in the greater community. They include public buildings (municipal buildings, schools, hospitals), transport infrastructure (roads, railroads, bridges, pipelines, canals, ports, airports), public spaces (public squares, parks, beaches), public services (water supply and treatment, sewage treatment, electrical grid, dams), and other, usually long-term, physical assets and facilities. Though often interchangeable with public infrastructure and public capital, public works does not necessarily carry an economic component, thereby being a broader term.
Public works has been encouraged since antiquity. For example, the Roman emperor Nero encouraged the construction of various infrastructure projects during widespread deflation.[1]