Back to: ECONOMICS SS3
Welcome to class!
In today’s class, we will be talking about the manufacturing and construction industry. Enjoy the class!
Manufacturing and Construction Industry
MANUFACTURING INDUSTRIES
Manufacturing refers to the turning of raw material into new products by mechanical or chemical processes at home or in the factory.
The manufacturing industry is concerned with the activities of those who engage in processing and turning raw material produced in the primary industries into the finished product. Examples of shoe making, food processing, plastic processing, textile processing etc.
CONSTRUCTION INDUSTRIES
Construction Industry is concerned with all the activities of those who engage in assembling of goods manufactured into a useable form.
Construction Industries engage in activities like construction of roads, bridges, Airports, furniture houses etc.
CONTRIBUTIONS OF INDUSTRIAL SECTOR TO ECONOMIC DEVELOPMENT
The industrial sector has contributed greatly to the economic development of all nations in the following ways;
- Increase in the Gross National Products (GDP)
- Provision of Employment opportunities
- Stimulation of other sectors of the Economy
- Control Inflation due to mass production
- Infrastructural development
- Diversification of the economy
- Funding for education and research
- Manpower Development.
GENERAL EVALUATION
- Write a short note on (I) saving (ii) Investment (iii) Consumption
- Explain each of the following (I) Terms of Trade (ii) Balance of Terms.
- What is Taxation?
- Distinguish between direct tax and indirect tax
- Why does the government impose taxes?
In our next class, we will be talking about Services Industries. We hope you enjoyed the class.
Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.
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