sumarise the main feature of factory production. Answe me in 4lines
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The factory system is a method of manufacturing using machinery and division of labour. Because of the high capital cost of machinery and factory buildings, factories were typically privately owned by wealthy individuals who employed the operative labour. Use of machinery with the division of labour reduced the required skill level of workers and also increased the output per worker.
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Main Features of Factory Production:-
- Income Comes from Sales.
- Have a Physical Inventory.
- Manufacturing Activity.
- Production Costs Include Raw Material Cost, Labor Cost, and Overhead Cost.
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