General Motors and Chipotle Have Production Processes That Tend to Be

question 62

Multiple Choice

General Motors and Chipotle have production processes that tend to be standardized, and all customers receive similar if not identical products. These organizations are examples of ________ technologies.

• A)large batch
• B)small batch
• C)continuous process
• D)large process
• E)small process

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Definitions:

Laissez-Faire

A belief system in economics that supports capitalism with minimal to no government interference.

Market System

An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Self-Interest

acting in a way that is most beneficial to oneself, a fundamental concept in economics that drives individual decision-making.

Consumer Sovereignty

The theory that consumer preferences and choices dictate the production of goods and services in an economy.