Production Methods

• One-off Production: A production method where each product is unique, requiring highly skilled workers and a flexible setup. It is labor-intensive and generally results in expensive products due to customization and skilled labor.
• Batch Production: Involves producing groups of similar products, allowing for some standardization. It is labor-intensive and results in moderate product prices due to economies of scale within batches.
• Mass Production: Produces many identical products, often using automated production lines. It requires low-skilled workers due to automation, has high initial setup costs but low running costs, and results in cheap products. This method can lead to higher unemployment due to reduced need for skilled labor.