18 Industrial Sector Flashcards
group of producers making same product
industry
process of shifting agricultural activities to industrial ones
industrialization
use machinery and equipment
industrialization
1st industrial revolution
mechanization, water power, steam power
when was the 1st industrial revolution?
18th century
mechanization, water power, steam power
1st industrial revolution
2nd industrial revolution
mass production, assembly line, electricity
when was the 2nd industrial revolution?
19th - early 20th century
mass production, assembly line, electricity
2nd industrial revolution
computer + automation
3rd industrial revolution
3rd industrial revolution
computer + automation
when was the 3rd industrial revolution?
late 20th century
4th industrial revolution
cyber physical systems; hyper-connectivity
when was the 4th industrial revolution?
21st century
cyber physical systems; hyper-connectivity
4th industrial revolution
importance of industrial sector
- product variety
- employment generation
- contribution to national income
produce diverse products for consumers
product variety
components of industrial sector
- manufacturing
- construction
- mining
- electricity
- water
- oil and gas
problems in industrial sector
- skills gap
- inadequate infrastructure
- import dependence
many jobs but not enough people with necessary skills
skills gap
priority program of DOT and industry to promote entrepreneurship and job creation
one town, one product (OTOP)
OTOP
one town, one product
public service facilities and production centers, access to modern tech and equipment
shared service facility (SSF)
SSF
shared service facility
list of economic acts to be prioritized and given incentive by gov’t
investment priorities plan (IPP)
technical and vocational training courses; school
technical education and skills development authority (TESDA)
