What do you understand by the term ‘Mass Production’? What is its significance in today’s economy?
Answers
Mass production refers to the production of goods on a very large scale .
As the demand is increasing every now then the quantity of goods is more needed so mass production helps in fulfilling them and earn a large profit.
Answer:
Explanation: Answer to first part of the question
Mass production is the process through which huge quantities of standardized goods/products are manufactured. This is attained through automation or assembly lines, which help in achieving high volume, control over quality, management of material flow and through division of labor.It helps in manufacturing/producing huge quantity of identical products in an efficient manner.
Answer to the second part of the question
Mass production helps in controlling labor costs. This can be achieved through automation technology with require less workers. Mass production leads to stringent monitoring which ensure precision assembly which is of paramount importance as machines have certain parameters.
Assembly of mass-produced items can be achieved at a faster rate because of the usage of automation and efficiency. This helps in quick distribution and marketing of the products which gives an edge over the competitor and provide higher profits.
Hope this helps.