Chapter 10, Problem 2AA

To determine

The procedure which the company undergoes while producing goods and services.

Answer to Problem 2AA

The significance of all these terms is combined to offer better quality products to the consumers and improve their way of living.

Explanation of Solution

Production is important as it makes us available with the goods that are required to sustain a living. It improves the way of living of the consumers.

Consumer goods is beneficial from the economy point of view and also helps in improving way of living. It helps in providing comfortable and luxurious life to the consumers.

Mechanization refers to the process of combining labor of people with the working of machines.

Assembly line is the process when different parts of a single product are passed through a belt to the workers who assemble it into a final product.

Division of labor means breaking the job into small tasks and each task is performed by different workers. It is important as it helps people to excel in particular tasks.

Automation is the process where the work is being done by the machines and people just oversee it. It offers better quality product and also increase output.

Robotics refers to the machinery that functions the assembly line. It helps in speeding up the work and also maintaining the quality of the output.

Economics Concept Introduction

Introduction:Production is the procedure of transforming raw materials into finished goods. It helps in providing consumers with the products that are needed for a living.