Back to Course

SS3: ECONOMICS - 1ST TERM

0% Complete
0/0 Steps
  1. Basic Tools for Economic Analysis I | Week 1
    4 Topics
  2. Economic Lessons from Asian Tigers II | Week 2
    6 Topics
    |
    1 Quiz
  3. Human Capital Development I | Week 3
    2 Topics
  4. Human Capital Development II | Week 4
    2 Topics
    |
    1 Quiz
  5. Petroleum and the Nigeria Economy I | Week 5
    3 Topics
  6. Petroleum and the Nigeria Economy II | Week 6
    3 Topics
    |
    1 Quiz
  7. Manufacturing and Construction | Week 7
    3 Topics
    |
    1 Quiz
  8. Services Industries | Week 8
    3 Topics
    |
    1 Quiz
  9. Agencies that Regulate the Financial Market | Week 9
    9 Topics
    |
    1 Quiz
  10. International Trade | Week 10
    8 Topics
    |
    1 Quiz



  • Do you like this content?

  • Follow us

Lesson Progress
0% Complete

Brief History and Development of Manufacturing

In its earlier form, Manufacturing was usually carried out by a single skilled artisan with assistants. The training was by apprenticeship in much of the pre-industrial world, the guild system protected the privilege and trade secrets of urban artisans. Before the industrial revolution, most manufacturing occurred in rural areas, where household-based manufacturing served as a supplemental subsistence strategy agriculture. Entrepreneurs organized a number of manufacturing households into a single enterprise through the putting-out system. From this, one can now conclude that manufacturing relates to an arrangement whereby a first firm with specialized equipment processes raw materials or semi-finished goods for a second firm.

Manufacturing

To an economist, Manufacturing is a wealth-producing sector of an economy.  Manufacturing is the production of goods for use or sale using labour, machine tools, chemical, and biological processing or formulation.  The term can also be referred to as a range of human activity from handicraft to high-tech. The handicraft to high-tech is being applied in industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing of more complex products, such as airplanes, household appliances, or automobiles by making use of the channels of distribution. The manufacturing sector is closely connected with engineering and industrial design. Modern manufacturing includes all intermediate processes required for the production and integration of a product’s components.

Manufacturing takes turns under the economic system in a Free Market Economy, manufacturing is usually directed towards the mass production of products for sale to consumers at a profit.

In a Socialist Economy (Collectivist economy) manufacturing is more frequently directed by the state to supply a centrally planned economy while in a Mixed Economy, manufacturing occurs under some degree of government regulation and individuals.

 The manufacturing sector is closely connected with engineering and industrial design. Modern manufacturing includes all intermediate processes required for the production and integration of a product’s components. Some industries include Steel manufacturing, Bakery, Meat processing company, Rice mill, Cement factory, Thread mill, Textile, Sawmills, etc. 

Some Examples of major Manufacturers are General Motors corporation, General Electric, Procter & Gamble, PZ, Pfizer, Volkswagen group, Siemens Michelin, Toyota, Unilever, 7up bottling company.

Examples of Manufacturing Processes: Casting, Molding, Forming, Machining, Joining, Additive manufacturing etc.

The Changes in the methods of manufacturing systems are;

Craft

Fabrication

Flexible Manufacturing

Lean Manufacturing

Mass customization 

Mass production 

Ownership

Packaging and Labeling

Pre-fabrication

Putting-out system

Rapid manufacturing

Reconfigurable manufacturing system

Soviet Collectivity in manufacturing

Contributions of Manufacturing to the Nigerian GDP

1. Manufacturing is a wealth-producing sector of an economy

2. Emerging technologies have provided new growth in advanced manufacturing

3. Increase in the employment opportunities 

4. It has provided important material support for national infrastructure and national defense

5. It is one of the largest sectors that contributes to economic growth at large.

6. It has a significant contribution to different parts of the economy i.e. A final product of the manufacturing industry can serve as intermediate goods in the production process of another.

Responses

Your email address will not be published. Required fields are marked *

back-to-top
error: