Saturday, February 4, 2012

How is economics relevant to Toyota?

I'm in an economics class and we're going on a Toyota tour. Obviously I know Toyota is a firm and everything, but what all specifically does it have to do economics? It's just curiousity question.How is economics relevant to Toyota?going to a car factory is a great way to actually visualize concepts you learn in microeconomics. it might be kinda cool to see them. You'll get to see how labor and capital come together to produce stuff, you might talk to the managers who have to figure out all the costs and optimize output by setting them equal to price, etc. I mean half of micro is about how firms make decisions based on their resources and the market, and you'll get to see first hand all the parameters that go into that process.I wish I got to do that when I was in micro.How is economics relevant to Toyota?JUST IN TIME,is the world's famous system developed by TOyota.

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