| Concept |
Meaning |
| 1. Post- Fordism |
(b)Flexible production at dispersed locations |
| 2. Fordism |
(a)Mass production of goods at a centralised location |
| 3.Knowledge Economy |
(d)Workforce is involved not in the physical production or distribution of material goods, but in their design, development, technology, marketing, sale and servicing." |
| 4.Weightless Economy |
(c) Products have their base in information |
- Post-Fordism: This term describes a shift away from the rigid mass production methods of Fordism towards a more flexible and adaptable approach. This often involves decentralized production in smaller facilities located closer to the market.
- Fordism: This term refers to the system of mass production developed by Henry Ford, characterized by assembly lines, standardization, and economies of scale. It heavily relied on centralized factories producing large quantities of identical goods.
- Knowledge Economy: This term refers to an economy where the primary resources are knowledge, information, and intellectual capital. Products and services in this economy are based on information technology, research, and innovation.
- Weightless Economy: This term refers to an economy where the value of goods and services is not associated with their physical weight or size, but rather with their information content, intellectual property, and intangibles. The focus is on services, design, and knowledge-based activities.
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