FACTORY: The building and equipment (the physical capital) at a particular location used for the production of goods and services. A factory often takes the form of the conventional assembly-line system, but it need not. As the building and equipment used for production, a factory can also be restaurant, doctor's office, or university classroom. Moreover, while a factory is often associated with the notion of firm or business, they need not be one and the same. A firm can, often does, own more than one factory and a factory can be owned by more than one firm.

     See also | capital | physical capital | plant | firm | business | plant |

FACTORY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].

Additional information on this term can be found at:

WEB*pedia: factory

Back to the GLOSS*arama

A market structure characterized by a large number of small firms, similar but not identical products sold by all firms, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. This is one of four basic market structures. The other three are perfect competition, monopoly, and oligopoly. Monopolistic competition approximates most of the characteristics of perfect competition, but falls short of reaching the ideal benchmark that IS perfect competition. It is the best approximation of perfect competition that the real world offers.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope

This isn't me! What am I?

-- Cato, Roman orator

User Feedback