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A contract manufacturer (CM) is a manufacturer that contracts with a firm for components or products (in which case it is a turnkey supplier). It is a form of outsourcing. A contract manufacturer performing packaging operations is called copacker or a contract packager. Brand name companies focus on product innovation, design and sales, while ...
Job production, sometimes called jobbing or one-off production, involves producing custom work, such as a one-off product for a specific customer or a small batch of work in quantities usually less than those of mass-market products. Job production consists of an operator or group of operators to work on a single job and complete it before ...
Contract theory. From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do ...
Allocative efficiency. Allocative efficiency is a state of the economy in which production is aligned with the preferences of consumers and producers; in particular, the set of outputs is chosen so as to maximize the social welfare of society. [1] This is achieved if every produced good or service has a marginal benefit equal to the marginal ...
Post-Fordism. Post-Fordism is a term used to describe the growth of new production methods defined by flexible production, the individualization of labor relations and fragmentation of markets into distinct segments, after the demise of Fordist production. It was widely advocated by French Marxist economists and American labor economists in the ...
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [1] The area of economics that focuses on production ...
Theory of the firm. The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [1] Firms are key drivers in economics, providing goods and services in return for monetary payments and ...
Engineering economics, previously known as engineering economy, is a subset of economics concerned with the use and "...application of economic principles" [1] in the analysis of engineering decisions. [2] As a discipline, it is focused on the branch of economics known as microeconomics in that it studies the behavior of individuals and firms ...