Question

Historians remind us that standardization of components -- of interchangeable parts -- was an innovation that did not occur until the very end of the 18th century. What was the economic impact of this innovation

Answer 1

The economic impact of the innovation of interchangeable parts was significant, as it led to increased efficiency and productivity in factories, lower prices for goods, and stimulated economic growth.

Step-by-step explanation:

The economic impact of the innovation of standardization of components, or interchangeable parts, at the end of the 18th century was significant. This innovation allowed for mass production, as machines could now be made up of standardized parts that could be easily replaced. This led to increased efficiency and productivity in factories, which in turn increased the supply of goods and lowered their prices. The availability of cheaper, mass-produced goods benefited consumers and stimulated economic growth.

Answer 2

The economic impact of standardization of components of interchangeable parts is quality guarantee, productivity boost, and improved personnel performance.

Step-by-step explanation:

Standardization of components means that all the activities in your firm have an established, time-tested process to use.

Standardization is the process of developing, promoting and possibly mandating standards-based and compatible technologies and processes within a given industry. Standards for technologies can mandate the quality and consistency of technologies and ensure their compatibility, inter-operable and safety.

standardization of components of interchangeable parts was an innovation that did not occur until the very end of the 18th century and when it finally took off, gave rise to quality control and assurance.