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Importance of Manufacturing to the National Economy

Updated on November 18, 2009

 

Manufacturing contributes much to the progress of our economy. Manufacturing enables to provide people with different goods, as well as, employment. Manufacturing companies are contributing to the country's income through the taxes being paid by them.

Importance of Creativity in Manufacturing

The creation of goods, services or utility, which means satisfying human wants and needs, is manufacturing. It is the process of converting raw materials into finished prod­ucts. It involves deciding what, how, when and where to manufacture.

To manufacture or produce products, the manufacturer must be imaginative and creative. He must start with new ideas and ways of improving production. One's cre­ativity is developed by allowing the person to express his own ideas, try these out and develop creativity to a great extent.

With the competition from other enterprises, demand in continuing improvement of the quality products and services is required which could be done through creativity.

Selecting the Product to Manufacture

Manufacturing improves the existing product, creates new products and finds new markets which are done through advertising and promotion:

1.              Land - a setting which includes natural resources and location.

2.              Labor - the exertion of human effort, physical and mental abilities and attitudes of workers.

3.              Capital - refers to money, equipment, machines and materials.

4.              Demand - the current need for the product.

5.              Entrepreneurial skills - managerial and occupational capabilities of a person.

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