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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.
The automotive industry began in the 1860s with hundreds of manufacturers pioneering the horseless carriage. Early car manufacturing involved manual assembly by a human worker. The process evolved from engineers working on a stationary car to a conveyor belt system where the car passed through multiple stations of more specialized engineers.
The changes in production with the shift from Fordism to post-Fordism were accompanied by changes in the economy, politics, and prominent ideologies. In the economic realm, post-Fordism brought the decline of regulation and production by the nation-state and the rise of global markets and corporations.
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.
Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. Through these classifications, economists are able to compare companies within the same industry to evaluate the attractiveness of that industry.
Stellantis is mainly offering plug-in hybrids in the U.S. for now, but plans to ramp up EV sales in the coming years, chasing a goal of 100% battery electric car sales in Europe and 50% electric ...
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
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 ...