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Based on their field of application, manufactured goods can be classified as
Primary, Secondary and Tertiary
Consumer, Capital and Defense
Essential, Market and Standard
Primary, Luxury and Consumer
A manufactured good is a good that is produced mainly by the application of labour and capital to raw materials and other intermediate inputs. As such, manufactured goods are the opposite of primary goods, but include intermediate goods as well as final goods. Manufacturing is the creation and assembly of components and finished products for sale on a large scale. It can utilize a number of methods, including human and machine labor, and biological and chemical processes, to turn raw materials into finished goods by using tools.
Production is similar to manufacturing but broader in scope. It refers to the processes and techniques that are used to convert raw materials or semi-finished goods into finished products or services with or without the use of machinery. Whether it is one or the other, manufacturers need to match their production methods to the needs and desires of the market, the available resources, order volume and size, seasonal shifts in demand, overhead costs (such as labor and inventory), and numerous other variables.
By: Barka Mirza ProfileResourcesReport error
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