January 2017
Intermediate to advanced
500 pages
33h 23m
English
11-1 Explain how manufacturing and production are important to the U.S. and global economies.
Production is the process of getting a good or a service to the customer; it is a series of related activities, with value being added at each stage. Companies are in business to provide a service or a good to consumers. The more efficiently a company can produce and deliver the product or the service, the greater the profit it will generate.
Although the U.S. manufacturing industry has been declining over the years, it still generates a major portion of the U.S. GDP. Moreover, manufacturing uses services and commodities as inputs, so manufacturing is actually responsible for a bigger share of total output.
The service industry ...