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MASS PRODUCTION: The production of large quantities of virtually identical goods using large scale operations. Such production typically makes use of large factories that benefit from economies of scale. The "mass" aspect of mass production indicates: (1) that large quantities, or masses, of goods are produced and (2) that these goods are being purchased or consumed by the majority of the population, or large masses of people. Mass production is largely a consequence of the industrial revolution, which moved society from a rural-based population engaged in agrarian production to an urban-based population engaged in factory production.
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for infected paper cuts.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"What you get by achieving your goals is not as important as what you become by achieving your goals." -- Zig Ziglar
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GSP
Gross State Product, Generalized System of Preferences
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