The manufacturing of cars, guns and fast food are examples of mass production. Mass production is a method of producing goods in large quantities at a low cost per unit. The machine tool industry gave rise to the idea of mass production. Innovators in Britain and the United States began producing interchangeable parts.Know More
Although Henry Ford invented an improved version of the assembly line, the first car to be mass produced
in the United States was the 1901 Curved Dash Oldsmobile. Ransom Eli Olds conceived the basic concept of the assembly line and built 425 Curved Dash Oldsmobiles in 1901. He led the automotive manufacturing market from 1901 to 1904.
Henry Ford installed the first conveyor belt assembly line around 1913 or 1914. This production method reduced the building time of the Model T to just 93 minutes. Ford also became the world's-largest car manufacturer, having produced more than 15 million Model Ts by 1927.
The fast food industry uses mass production to provide consistent experiences from one location to another. Food is mass-produced and frozen, and natural and artificial flavors are added at the factory. Equipment is the same from one kitchen to the next, and food is cooked exactly the same.Learn more about Economics
Collaborative commerce is defined as creating more efficient distribution and supply channels as a way to maximize production in the world economy and utilize new technology. This specific type of commerce is a business effort to be more profitable and competitive.Full Answer >
A one-crop economy is an economy where income generation relies solely on the production and sale of one agricultural crop. Monocropping is the agricultural practice of a one-crop economy.Full Answer >
Although the world has seen multiple centrally planned economies, two of the few remaining examples as of 2015 are Cuba under Fidel and Raul Castro and North Korea under the Kim dynasty, according to the Heritage Foundation and Asian Trade Hub. The most notable historic examples of centrally planned economies include Russia under Joseph Stalin and China under Mao Zedong, according to About News.Full Answer >
Examples of accrued revenue include interest payments made for loans, billing statements that have not yet been paid in full and completed services that have not yet been paid by customers, according to CliffsNotes. For instance, monthly payments on a two-year loan for $10,000 accrue for 24 months.Full Answer >