​Adam Smith's Pin Factory and Henry Ford's Automobile Assembly Line

question 54

Multiple Choice

​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

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Definitions:

Strategic Outsourcing

The process of contracting out specific business functions or processes to a specialized external service provider in order to improve efficiency, reduce costs, or focus on core competencies.

Strategy Implementation

The execution phase where strategies and plans are put into action to achieve the organizational goals and objectives.

Strategic Analysis

An evaluation of an organization's external and internal environments to formulate strategies for competitive advantage.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater responsiveness.