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Industry facts for kids

Kids Encyclopedia Facts
Bronisław Wilkoszewski – Fabryka Tow. Ak. Poznańskiego
Historical photo of a factory in Lodz (Poland), probably taken 1877 or 1878.

In economics, different kinds of manufacturing and services are broken down into groups called industries. The word comes from a Latin word meaning "working diligently at a task". There are many different industries, like mining, farming and logging. The industrial revolution made new industries.

An industy produces goods or services which are of a common set of qualities and which are indistinguishable (called homogeneous, in economics). It uses standardised processes for production, mass production and divison of labor.

History

Slavery

Slavery, which is forcing people to make goods and services, has happened since ancient times throughout the world as a way to have low-cost production. It usually produces goods for which profit depends on economies of scale. International law has declared slavery illegal.

Industrial Revolution

The industrial revolution (from the mid-18th century to the mid-19th century) saw the development and popularization of using machines to make goods instead of using hands. The industrial revolution played a role in the abolition of slavery in Europe and in North America.

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