Manufacturing Abbreviations

The manufacturing is a branch of the economy that encompasses, in general, the mechanical or chemical conversion of materials, substances or elements into new products . The starting materials can be raw materials created by agriculture, forestry and fisheries and the extractive industry , as well as products of other industries. The resulting products can be used to produce other, more complex products such as airplanes , white goods or cars , or sold through the trading system to reach end users .

The manufacturing industry is one of the three branches of industry , along with the mining and energy industries .

Production is a major factor in determining the type of economic system . In a free market economy , it usually focuses on mass production of standardized products in order to make a profit. In societies based on collectivism , production is more often run by the state in the form of a planned economy . In mixed economies, production is usually subject to some degree of government regulation . Modern production includes all intermediate processes and operations necessary for the production of the final product from its constituent components.

The manufacturing sector is closely linked to engineering science and industrial design . Major manufacturers in the United States are companies such as General Motors , General Electric , Proctor and Gamble , Boeing and others. In Europe, such are Volkswagen , Siemens and Michelin . In Asia, such are Sony , Huawei , Lenovo , Toyota , Samsung and Bridgestone .

In Bulgaria , the manufacturing industry is a major sector of the economy, as in 2017 it employed about 556,000 people and the output was worth 62.6 billion levs.

Changes in the manufacturing sector bring new opportunities and difficulties to business pioneers. Nations with the largest production in the world have advantages and disadvantages in terms of their capacity to take production in the global network. Deloitte Global and the US Competitiveness Committee predict that the US will overtake China as the most competitive industrial nation in 2020 (and Germany , Japan and India after them). The 2016 Global Competitiveness Index predicts that the best industrialized nations will remain stable until 2020.

List of Acronyms Related to Manufacturing