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WEEK 5
TOPIC: INDUSTRIALIZATION
CONTENT:
SUBTOPIC 1: DEFINITION OF CONCEPTS
Industry- Industry can be defined as commercial production and sale of goods or a specific branch of production and trade. In these senses, industry refers to a collective term for a group of activities directed to the production of a given class of commodities or a group of firms engaged in the same area of production, example, all firms producing textiles belong to the textile industry.
Firm– This refers to a single unit or entity that carries out production of goods or services. It is a single independently administered business unit of an industry.
Factory and Plant – Factory is an industrial building where laborers manufacture goods or supervise machines processing one product into another. Typically, factories gather and concentrate resources such as labour and capital, e.g. shoe factory, whereas plant is an asset of a business which includes land, buildings, machinery and all equipment permanently employed. Example is electric plant or power plant.
Industrialization – This involves the establishment of as many industries as possible. It is the process of increasing the numerical number of industries in an economy.
Industrial Estate – An industrial estate also known as industrial park is an area zoned and planned for the purpose of industrial development.
Location of Industry
Location of firm means the siting of firm in a particular place. It is the aim of any investor to make maximum profit. The location chosen by the entrepreneur will have an effect on the profit he will make. The entrepreneur will therefore locate his firm in a place which he
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