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Question
Manufacturing
Solution
Manufacturing adds value to natural resources by transforming raw materials into finished goods of higher value for sale in local or distant markets. It involves a full array of production from handicrafts to moulding iron and steel and stamping out plastic toys to assembling delicate computer components or space vehicles.
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‘Manufacturing Industry’
Manufacturing literally means ‘to make by hand’. However, now it includes goods ’made by machines’. It is essentially a process that involves transforming raw materials into finished goods of higher value for sale in local or distant markets. Conceptually, an industry is a geographically located manufacturing unit maintaining books of accounts and records under a management system. As the term industry is comprehensive, it is also used as synonymous with ‘manufacturing’. When one uses terms like ‘steel industry’ and ‘chemical industry’, one thinks of factories and processes. But there are many secondary activities which are not carried on in factories such as what is now called the ‘entertainment industry and ‘Tourism industry’, etc. So for clarity, the longer expression ‘manufacturing industry’ is used.
- “Manufacturing involves value addition.” Explain with any one suitable example.
Which of the following statement is true in context of The iron and steel industry?
Which of these industries is located close to the source of raw materials?
Consider the following and choose the correct option.
- Modern Industries require specialisation in skills.
- Research and development strategies have an important role in modern industries.
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Why is 'technological innovation' essential for industries? Explain.
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Modern manufacturing is NOT characterised by which one of the following?
"Technological innovations through research and development strategy are an important aspect of modern manufacturing''. Analyse the statement.
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