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production |
Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia, Hutchinson | 0.06 sec. |
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production, in economics, all those activities that have to do with the creation of commodities, by imparting to raw materials utility, added value, or the ability to satisfy human wants. The farmer who grows wheat, the miller who grinds the wheat into flour, and the baker who transforms flour into bread are examples of producers who, each in his own way, impart utility to a natural or partially processed material. Production was the major thrust of industry until at least the beginning of the 20th cent., when sales and marketing marketing, in economics, that part of the process of production and exchange that is concerned with the flow of goods and services from producer to consumer. ..... Click the link for more information. began to be considered equally important in the transference of commodities from producers to consumers. Today, the prevailing mode of production is called mass production, with cottage industry accounting for only a minor portion of the market in most areas of the world. Many historians place the beginnings of mass production around 1800, with Eli Whitney Whitney, Eli, 1765–1825, American inventor of the cotton gin , b. Westboro, Mass., grad. Yale, 1792. When he was staying as tutor at Mulberry Grove, the plantation of Mrs. Nathanael Greene, Whitney was encouraged by Mrs. For most kinds of production in modern society, large amounts of capital capital, in economics, the elements of production from which an income is derived, usually defined with the exception of land and labor. As originally used in business, capital denoted interest-bearing money. Another late 20th-century trend has been toward greater computerization of the production process; increasingly, computers are not only being integrated into the machinery of production but are replacing much of the human labor as well. Computerization has made assembly lines faster and more accurate and has given them more flexibility. Through computerized instructions, the design and manufacture of many mass-produced products can easily be modified to suit the needs of the individual customer. production 1. Economics the creation or manufacture for sale of goods and services with exchange value 2. the organization and presentation of a film, play, opera, etc. 3. Brit the artistic direction of a play 4. a. the supervision of the arrangement, recording, and mixing of a record b. the overall sound quality or character of a recording 5. manufactured by a mass-production process production [prə′dək·shən] (computer science) The processing of useful work by a computer system, excluding the development and testing of new programs. A rule in a grammar of a formal language that describes how parts of a string (or word, phrase, or construct) can be replaced by other strings. Also known as rule of inference. (engineering) Output, such as units made in a factory, oil from a well, or chemicals from a processing plant. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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