Mass Production

Standardization: This refers to the process of setting, implementing, and following uniform specifications for products or services. It's like deciding on one recipe for your cookies and sticking to it every time you bake.

Economies of Scale: This economic concept describes how the cost per unit decreases with an increase in production volume. It's like buying ingredients in bulk for your cookie baking - the more you buy, the cheaper each individual ingredient becomes.

Division of Labor: This is an arrangement where specific tasks within a larger task are divided among different people based on their skills or expertise. Like in a bakery, where one person might mix the dough, another shapes it into cookies, while someone else takes care of baking them.