Industrial Production
Definition
Industrial production refers to the output of industrial establishments like factories which includes manufacturing goods from raw materials as well as processing mined metals into finished products.
Analogy
Think of industrial production like a giant cooking show. The raw materials are the ingredients, the factories are the kitchen, and the final product is the dish that's served. Just as chefs transform raw ingredients into a meal, industries transform raw materials into goods.
Related terms
Mass Production: This refers to manufacturing of large quantities of standardized products often using assembly lines or automated technology.
Supply Chain: A network between a company and its suppliers to produce and distribute a specific product to the final buyer.
Quality Control: A process by which entities review the quality of all factors involved in production ensuring consistency in output.
"Industrial Production" appears in:
Subjects (2)
Study guides (1)
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