General Business

agile manufacturing: a flexible manufacturing process that is able to offer customers semi-customized products based on individual requirements, without sacrificing the quality of the product. Luxury car manufacturers commonly use agile manufacturing.

economies of scale: the principle that the cost per unit of a product decreases as the amount produced increases. Larger companies have more economies of scale than smaller companies as they are able to handle larger amounts of products.

Fordism: the utilization of a production or assembly line to produce goods inexpensively. The term is based on the assembly line initially used by Ford Motor Company. 

limited liability: the principle that owners or investors in a business are limited in their potential loss to the extent of their investment, in a situation where the business fails. In other terms, the investor’s personal assets cannot be used to cover bad debt by creditors.

 

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