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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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EFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is achieved from available resources. This state can be accomplished through markets when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for jovial bank tellers.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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