The history of businessdiscuss how the factors of production have change throughout the four eras of business. analyse the four eras of business and make a prediction of what the next era will...

The history of businessdiscuss how the factors of production have change throughout the four eras of business. analyse the four eras of business and make a prediction of what the next era will be like.

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e-martin's profile pic

e-martin | College Teacher | (Level 1) Educator Emeritus

Posted on

In the industrial age, efficiency grew from new methods of production, a notable form of which was the assembly line. 

In the information age, we are seeing new niches of the economy wherein production is entirely virtual. Websites like YouTube and Facebook have become businesses, or at least publicly traded corporations, though they produce no tangible goods. These are akin to publishing platforms and they held to explain the decline of print media. 

Companies that sell real goods want to advertise and they are advertising on the new, virtual publishing platforms like YouTube, Facebook, and even places like eNotes. 

We might describe this trend as a change in the concept of production and in the definition of what a product is, as virtual platforms produce adspace and revenue without producing any tangible goods.

litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

Posted on

In the production era the focus was just on making the product.  There was not as much emphasis on who it would be marketed toward, or how you would deal with your customers.  As we continue through the eras the focus becomes less on production and more on customer.

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