Production rates refer to how quickly goods or services are produced within a specific timeframe. It measures the output or quantity of products generated per unit of time, such as per hour or per day.
Related terms
Efficiency: Refers to maximizing output while minimizing waste and resources used in the production process.
Division of Labor: Breaking down complex tasks into smaller, specialized tasks performed by different workers to increase overall productivity.
Mass Production: A system where goods are produced in large quantities using standardized processes and machinery, enabling lower costs and higher output.