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An automotive assembly line at Opel Manufacturing Poland in 2015 SEAT, Škoda, and Volkswagen cars being transported by train in Kutná Hora, Czech Republic in 2014. The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
There is also the Global Industry Classification Standard (GICS), which is used to assign companies to specific economic sectors and industry groups. [6] There are many industry classifications in the modern economy, which can be grouped into larger categories called economic sectors. Sectors are broader than industry classifications.
All other inputs to production are called intangibles in classical economics. This includes organization, entrepreneurship, knowledge, goodwill, or management (which some characterize as talent, social capital or instructional capital). Many definitions and descriptions of capital goods production have been proposed in the literature.
In an economic market, production input and output prices are assumed to be set from external factors as the producer is the price taker. Hence, pricing is an important element in the real-world application of production economics. Should the pricing be too high, the production of the product is simply unviable.
Fordism is an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption. The concept is named after Henry Ford.
Mass production improved productivity, which was a contributing factor to economic growth and the decline in work week hours, alongside other factors such as transportation infrastructures (canals, railroads and highways) and agricultural mechanization. These factors caused the typical work week to decline from 70 hours in the early 19th ...
In 1923 Chevrolet developed a new car to compete with the Model T, the Chevrolet Series M 'Copper-Cooled', air-cooled car, designed by General Motors engineer at AC Delco Charles Kettering, (who invented the points/condenser ignition system that was in use until the 1980s). It was a rare failure for him, due to uneven cooling of the inline four ...