ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Should we hire more temporary workers or more permanent workers?
|
|
|
Should we build more trucks or more cars?
|
|
|
Should we use more renewable or more nonrenewable sources of energy?
|
|
|
Should teachers be paid more than celebrities?
|
Detailed explanation-1: -The traditional example of mass production is the automobile industry, which has continued to refine the basic principles originally laid down by Henry Ford and other pioneers of mass production techniques.
Detailed explanation-2: -Steel, rubber, plastics and aluminum are four commonly utilized commodities found in cars. Also, the auto industry relies on oil and petroleum products, not just for gasoline, but for the synthesis of plastics and other synthetic materials.
Detailed explanation-3: -Batch Production. The way products are manufactured depends on the quantity required. For example, cars are continually manufactured in hundreds of thousands, a prototype is a ‘one off’ (just one made) and DIY furniture is made in batches of thousands.
Detailed explanation-4: -The Factors of Production. Land, labour, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land. Labour. Capital. Entrepreneur.