Social Sciences, asked by ambika09871234, 5 months ago

what is manufacturing what is important​

Answers

Answered by rohitsingh1801
1

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.

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