FACTORY SYSTEM Meaning and
Definition
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The factory system is an economic concept that designates a method of manufacturing goods on a large scale using machinery and a centralized location. It refers to a system of production characterized by the concentration of workers, raw materials, and machinery in a specific facility or complex, commonly known as a factory. This method emerged during the Industrial Revolution as a response to the growing demand for mass-produced goods in the late 18th century.
The factory system is marked by several distinctive features. Firstly, it involves the division of labor, with workers specializing in specific tasks, which enhances efficiency and productivity. Secondly, machines and technology are employed to mechanize and expedite the production process, reducing the reliance on manual labor and increasing output. Another key aspect is the organization of labor in a disciplined and scheduled manner, often with set working hours and strict supervision to ensure smooth operations.
This system provides numerous advantages over earlier modes of production. It enables companies to produce goods more rapidly, leading to increased production quantities and lower costs. It also promotes uniformity and consistency in manufacturing, ensuring the quality and standards of products. Additionally, the factory system facilitates the centralization of resources, allowing for economies of scale and specialization. However, it also poses challenges such as worker exploitation, dehumanization of labor, and adverse environmental impacts.
Overall, the factory system represents a significant shift in the way goods are produced, transforming economies and societies by revolutionizing the manufacturing sector and setting the stage for modern industrialization.
Common Misspellings for FACTORY SYSTEM
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Etymology of FACTORY SYSTEM
The term "factory system" is derived from the Latin word "factorium" which means "workshop" or "manufacturing place". The modern use of "factory" originated in the late 16th century, referring to a building or establishment where goods are produced or manufactured. The term "system" comes from the Latin word "systema", meaning "organized set of principles or rules". Therefore, the etymology of the word "factory system" reflects its meaning as an organized system of production in a workshop or manufacturing establishment.
