The ability to produce goods quickly and with minimal waste, resulting in higher productivity and lower costs.
Related terms
Assembly Line: A manufacturing process where each worker is assigned a specific task in a sequential order, allowing for faster production and increased efficiency.
Division of Labor: Breaking down the production process into smaller specialized tasks so that workers can become experts at their specific job, leading to increased efficiency.
Interchangeable Parts: Parts that are standardized and can be easily replaced or interchanged with other identical parts, enabling faster assembly and repair processes.