what is manufacturing what is important
Answers
Explanation:
Definition
Manufacturing shortly refers to a large-scale production of goods that converts raw materials, parts and components into finished merchandise using manual labour and/or machines. The finished goods can be sold directly to consumers, to other manufacturers for the production of more complex products, or to wholesalers who distribute the goods to retailers.
Importance
First of all, Economic growth depends on manufacturing. Manufacturing productivity, that is, the goods that are output from a specific amount of input, increases by about 3 percent each year in the U.S., year in and year out, because technological advances are always being made for factory machinery. By contrast, service industries either have very slow productivity growth or depend, directly or indirectly, on technological progress in machinery. In addition, since machines can make other machines, what is called exponential growth, as in quickly reproducing animal populations, can take place.