Examlex
The first-order condition for maximizing net benefits is:
Flexible Production
A manufacturing strategy that enables a company to adjust and reconfigure its production line quickly to adapt to changes in market demand or product design.
Automation
Automation involves using technology and machinery to perform tasks with minimal human assistance, aimed at increasing efficiency, reducing errors, and saving time and resources.
Compete
To strive against others for the purpose of gaining an advantage, winning a position, or achieving superiority in a field.
Manufacturing
The process of converting raw materials into finished goods through the use of labor, machinery, and processing.
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