Asked by Jered Aldaz on Sep 24, 2024
Verified
Adam Smith's pin factory and Henry Ford's automobile assembly line are examples of
A) Product lines
B) Functionally organized firms
C) Inefficient processes
D) In-line production
Adam Smith
Adam Smith was an 18th-century Scottish economist and philosopher, best known for his works on the principles of free market capitalism, particularly as outlined in "The Wealth of Nations."
Henry Ford
An American industrialist and founder of the Ford Motor Company, notable for pioneering mass production techniques like the assembly line.
Pin Factory
An example used by Adam Smith to describe the benefits of division of labor and specialization in increasing production efficiency.
- Familiarize oneself with the characteristics and favorable aspects of functional organization in firms.
Verified Answer
Learning Objectives
- Familiarize oneself with the characteristics and favorable aspects of functional organization in firms.
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