Henry Ford's Use of the _______________________ Lowered the Time Involved

question 49

Short Answer

Henry Ford's use of the _______________________ lowered the time involved in producing a car, which in turn helped drop the price of  his Model T dramatically.​

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Labor Force

The total number of people employed or seeking employment in an economy at a given time.

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to produce goods or services and achieve its objectives.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, like labor.