Industrial ones refer to economies that are primarily focused on manufacturing and industrial production rather than agriculture. These economies rely heavily on factories, machinery, and mass production methods.
Related terms
Capitalism: Capitalism is an economic system based on private ownership of resources and means of production. Industrial ones are often associated with capitalist economic systems characterized by competition, profit-seeking, and investment in industrial enterprises.
Factory System: The factory system is a method of manufacturing that centralizes production in large-scale factories rather than small workshops or individual households. It played a crucial role in the development of industrial ones during the Industrial Revolution.
Mass Production: Mass production refers to the large-scale manufacture of standardized products using assembly line methods. This approach allowed for increased efficiency, reduced costs, and higher output in industrial ones.