Economics of production

Several decades ago when technology was only developing, all the production work were done by work force. It took an extensive amount of time for a production work to occur. Hence this could not meet the requirements of producing more outputs in a day. Therefore, the concept of assembly lines was thought to counter the problem of delayed production work and cost minimization. While the invention of assembly line was a landmark in the engineering evolution of history, the widespread use of…

Smith’s theory of human nature, Smith suggests that human nature will turn the generosity of the rich to the poor out of sympathy for their condition. Marx did not agree with Smith’s view of human nature. Marx said that, because it was always in the economic interest of capita to take advantage of workers, nothing could persuade capitalists to change their ways. He thought peaceful progress towards equality and social…

life; they often lack the time and money for recreational activities. This was a harsh reality of industrialization that everyone could not share the economic prosperity because many workers were either unemployed or working with low pay. Farmers also had to face hard times and competition because of technological revolution and increase in production, which caused fall in…

Having fabrics be sewn quickly led to a mass production of clothing which made people want to have a sewing machine. Fabric is on many products and by having a lot of fabric, that means there can be a variety of designs and texture. Most things cannot be created without fabric on it. This bettered the society by having more beautiful looking products that are more appealing to others and warmer clothes to wear in the winter.If there’s a mass production, they have more time to work on different…

replaced the system of home-based production. Rural, water-powered mills, were replaced by urban (city), steam-driven factories, filled to the roof with chugging, hissing, clunking machines. A task once accomplished by a group of skilled craftsmen became a thoughtless chore completed by, and depending on, faceless, nameless machines in an assembly line. Following the Civil War, industrialization in the United States advanced rapidly. One reason for the dramatic economic transformation was…

Inventions Of The Industrial Age The Industrial Revolution that occurred in the 18th century was of great importance to the economic future of the United States. There were many new creations and inventions during this time period. The inventions that resulted from this revolution had a large impact on the way we live today. These inventions improved life in a variety of ways, making manufacturing processes and daily life more efficient and easier. In my opinion, the most important inventions…

specializes in completing a single task. It is used in mass production and is considered “one of the basic organizing principles of the assembly line. (Britannica, 2014). Specialization via division of labor has helped to eliminate the need for workers to handle multiple tools and minimized unnecessary motion. Through the repetition of simple basic tasks by unskilled workers, production time and costs have been reduced. Lower production expenses lead to completed products being less…

Recent studies however tend to tie entrepreneurship to thought and behavioural patterns which is relevant to every societal and economic facet, and such a perception of entrepreneurship currently requires a different approach to skill development. Entrepreneurial education today is aimed at developing the individuals’ mind-set, attitude, capabilities and behavioural tendencies; characteristics…

blue uniforms, red tool boxes, and noise above 80 decibels, in year 2013, factory floors at the American manufacturing facilities accounted for 12.5% of the total gross domestic product. US manufacturing has come a long way, from cotton and Tabaco production in 1800 to modern day airplanes of the 20th century. Last two decades have seen unprecedented growth in automation in manufacturing facilities, however, internet of things (IoT) will be a new revolution to promote smart factory culture,…

find the reasons which predisposed Britain towards early industrialisation through the examination of geographical, economic, political and cultural factors. By the early 1800s Britain was a country of cheap energy - coal. The great inventions of that century - the steam engine, mechanical spinning, smelting iron with coke - all served to economise on the expensive factor of production and use more of the cheaper one. Other countries were slow to follow suit not because they were sluggish or…