Chemical Economics

Name:
Chemical Economics
Detailed information:
The principles and practical application of industrial economics, in particular reference to the manufacture of chemicals and chemically derived products. Economic factors that apply mainly to the chemical industries are (1) heavy capital investment; (2) vast range of raw materials and products; (3) complex and varied production methods; (4) high-level R & D for new products, plus extensive testing for safety and acceptability; (5) market research to develop new product uses, etc.; (6) substitution of synthetics for natural products or (in some cases) the reverse; (7) utilization of by-product materials; (8) waste reclamation and pollution control.See Chemical Process Industry.