The Ultimate Automated Factories Are Referred to as Flexible Manufacturing

question 18

True/False

The ultimate automated factories are referred to as flexible manufacturing systems.

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Definitions:

Public Education

An education system that is publicly funded through taxation, meant to provide free educational opportunities to students without discrimination.

Economic Organization

The structured arrangement and coordination of economic activities and entities within a society.

Private Good

A product or service that is consumed by an individual without providing any benefit to others, characterized by its excludability and rivalry in consumption.

Economic Efficiency

The optimal allocation of resources to maximize output or outcomes without waste.