Serial production financial definition of Serial production
mass production (redirected from Serial production)
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mass production the manufacture of a PRODUCT in very large quantities using continuous flow capital-intensive methods of production. Mass production is typically found in industries where the product supplied is highly standardized, which enables automated machinery and processes to be substituted for labour. Mass-production industries are usually characterized by high levels of SELLER CONCENTRATION, difficult CONDITIONS OF ENTRY and the exploitation of ECONOMIES OF SCALE, which results in low unit costs of supply Compare BATCH PRODUCTION. See PRODUCTION, AUTOMATION, COMPUTER.