Key Concepts in Industrial Economics and Production
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Key Industrial and Economic Definitions
Multinational Enterprises
Companies of great size with several thousand employees, which have subsidiaries—especially in production—in many countries, and whose capital is accumulated through a multinational process.
Energy Sources
Resources used to obtain energy for various applications, such as industry.
Alternative or Renewable Energy Sources
Energies related to the environment that have a continuous regeneration cycle. While subject to fluctuations in intensity, they are considered inexhaustible, including: solar, wind, hydro, geothermal, tidal, and biomass.
R&D (Research and Development)
Creative activities undertaken on a systematic basis to increase the flow of scientific and technical knowledge, used to introduce new technologies.
Industry of Use and Consumption
Industries engaged in producing goods that directly satisfy needs for immediate use without further processing. These can be classified as durable or nondurable.
Agro-industries
Industries that transform products derived from agriculture, livestock, or fisheries.
Capital Goods Industries
Industries engaged in producing machinery necessary for the operation of other industries.
Raw Material
Natural resources that have not undergone any transformation, including animal, vegetable, and mineral materials.
Technology Park
Areas with a notable presence of official initiatives (state, regional, or local) designed to attract firms to tech sectors and generate innovation. These are sometimes called science parks or high-tech complexes.
Industrial Estates
A unified space consisting of an estate designed by urban planning for the installation of industrial plants, often offering tax advantages.
Production Series and Division of Labor
A production system in which each worker specializes in one phase of the productive process, consistently performing the same activity.
Industrial Conversion
Adapting a production system that has become obsolete due to technological change to meet new market requirements under competitive conditions. This occurs in traditional sectors such as textiles, footwear, steel, metallurgy, construction, and shipbuilding.
Value Added
The difference between the value of goods produced and the cost of raw materials and other intermediate goods used for production.