What factors prevented farmers from sharing in the prosperity of the 1920s?
Describe the factors that prevented farmers from sharing in the prosperity of the 1920s. Farmers earned less than 1/3 of the income of other AMerican workers. Costs for improved farming technology increased, while prices for crops dropped.
How did the development of the assembly line made automobiles more affordable?
Central to Ford’s ability to produce an affordable car was the development of the assembly line that increased the efficiency of manufacture and decreased its cost. Instead of workers going to the car, the car came to the worker who performed the same task of assembly over and over again.
What industries grew due to the mass production of automobiles?
The auto industry also spurred growth in the production of steel, petroleum, rubber, plate glass, nickel, and lead. Cars revolutionized American life.
Why is the assembly line important?
The Importance of the Assembly Line The assembly line was important during this time due to its purpose in mass production. It saved the companies money by helping them pay less for their labor per vehicle produced. It allowed the consumer to have a vehicle as part of their everyday life.
What is the difference between batch production and mass production?
Batch production is a production technique that produces multiple units in a series of steps. Units are moved from step to step together as a batch. Mass production is the continuous production of items in a series of steps such that all steps are performed concurrently.
What are the disadvantages of mass production?
2. Mass Production Disadvantages
- Initial costs: It takes a lot of capital and time to build a factory equipped with specialized machinery.
- Less flexibility: Factory managers can’t walk up to a machine and ask it to stop what it’s doing and complete a different task.
What are some examples of batch production?
Batch Production Examples:
- Baked goods.
- Computer chips.
- Computer software.
- Die- or mold-making.
- Electrical goods.
- Flat-pack furniture.
- Jet engine production.
What are the five stages of production?
Are you asking yourself, “What are the phases of film production?” There are five phases of film production and they include development, pre-production, production, post-production and distribution.
What are the 3 stages of laws of production?
There is no difference between fixed and variable factors of production. There are 3 stages namely, increased returns, constant returns, and decreasing returns, and no stage is considered best for the long run. Q2. State the Law of Variable Proportion with its Assumptions.
Which curve is not affected by fixed cost?
Marginal cost is not affected by total fixed cost.
What is least cost combination?
Since the firm’s goal is to maximise profit, the optimum input combination for producing a particular quantity of its product would be one that would produce the output at the minimum possible cost. The optimum input combination in this case is known as the least cost combination of inputs.
What is the least cost combination of resources?
The least cost combination is found where the marginal product per dollar for all the resources a firm employs are equal (MPL/PL=MPN/PN=MPC/PC). If the ratios are not equal, a firm would reduce cost by employing more of the resource with a higher MP/P and less of the resource with a lower MP/P.
What is the least cost method?
Definition: The Least Cost Method is another method used to obtain the initial feasible solution for the transportation problem. The lower cost cells are chosen over the higher-cost cell with the objective to have the least cost of transportation.
What is Isoquant curve?
An isoquant curve is a concave line plotted on a graph, showing all of the various combinations of two inputs that result in the same amount of output. Most typically, an isoquant shows combinations of capital and labor and the technological trade-off between the two.