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Mass production, also known as flow production, series production, series manufacture, or continuous production, is the production of substantial amounts of standardized products in a constant flow, including and especially on assembly lines.
Rather than being viewed as a mass market to be served by mass production, the consumers began to be viewed as different groups pursuing different goals who could be better served with small batches of specialized goods. [10] Mass markets became less important while markets for luxury, custom, or positional goods became more significant. [11]
The mass production of this automobile lowered its unit price, making it affordable for the average consumer. Furthermore, Ford substantially increased his workers' wages [ 9 ] to combat rampant absenteeism and employee turnover, which approached 400% annually, which had the byproduct of giving them the means to become customers.
The tendency to exploit economies of scale entails a continuous increase in the volume of production which, in turn, requires a constant expansion of the size of the market. [30] However, if the market does not expand at the same rate as production increases, overproduction crises can occur.
An individual production system is usually analyzed in the literature referring to a single business; therefore it is usually improper to include in a given production system the operations necessary to process goods that are obtained by purchasing or the operations carried by the customer on the sold products, the reason being simply that ...
Mass customization makes use of flexible computer-aided systems to produce custom products. Such systems combine the low unit costs of mass production processes with the flexibility of individual customization. Mass customization is the new frontier in business for both manufacturing and service industries. At its core, is a tremendous increase ...
The marginal product of a factor of production is generally defined as the change in output resulting from a unit or infinitesimal change in the quantity of that factor used, holding all other input usages in the production process constant. The marginal product of labor is then the change in output (Y) per unit change in labor (L). In discrete ...
Traditionally, construction has made use of manual labor such as tradesmen and subcontractors for tasks such as the installation of prefabricated elements. [6] In the industrialization phase, construction uses manufacturing processes and technology to perform off-site prefabrication, assembling building components off-site rather than at the point of installation.