Examlex
Which of the following is true?
Functional Expertise
Specialized knowledge or proficiency in a particular area or department of a business, contributing to its success and efficiency.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a lower cost per unit as output increases.
Adam Smith
Adam Smith was an 18th-century Scottish economist and philosopher, best known for his works on the principles of free market capitalism, particularly as outlined in "The Wealth of Nations."
Henry Ford
An American industrialist and founder of the Ford Motor Company, notable for pioneering mass production techniques like the assembly line.
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