What Is Marxian Economics? Marxian economics is a school of economic thought based on the work of 19th-century economist and philosopher Karl Marx. Marxian economics, or Marxist economics, focuses on the role of labor in the development of an economy and is critical of the classical approach to wages and productivity developed by Adam Smith. Marx argued that
What Is Marxism? Marxism is a social, political, and economic philosophy named after the 19th-century German philosopher and economist Karl Marx. His work examines the historical effects of capitalism on labor, productivity, and economic development, and argues that a worker revolution is needed to replace capitalism with a communist system. Marxism posits that the struggle
What Is Mass Customization? Mass customization is the process of delivering market goods and services that are modified to satisfy a specific customer’s needs. Mass customization is a marketing and manufacturing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production. Other names for mass customization
What Is a Mass-Market Retailer? A mass-market retailer, or mass merchandiser, is a company that affordably sells large quantities of goods that appeal to a wide variety of consumers. Mass-market retailers are not necessarily known for selling durable, high-quality merchandise or for having exceptional customer service, but they do meet consumers’ wants and needs at
What Is Mass Merchandising? In the context of the insurance industry, mass merchandising is a method for selling insurance in which an employer, association, or other organization agrees to assist in the sale of insurance policies to its respective members or employees. For example, a teacher’s union that agrees to market a particular insurance product
What Is Mass Payment? Mass payment is a method of paying multiple recipients online simultaneously. Instead of typing in each recipient’s payment information separately, users can upload a spreadsheet containing all the relevant data or use a mass payments application programming interface. Mass payments can be set up as one-time transactions or, if the payment
What Is Mass Production? Mass production is the manufacturing of large quantities of standardized products, often using assembly lines or automation technology. Mass production facilitates the efficient production of a large number of similar products. Mass production is also referred to as flow production, repetitive flow production, series production, or serial production. In mass production, mechanization is used to
What Is a Master Brand? A master brand is an overarching brand name that serves as the main anchoring point on which all underlying products are based. Master branding is one of the main tent-poles in branding architecture that aims to link a company’s product-lines with the key values the brand represents. While individual products
What Is a Mastercard Acquirer? A Mastercard acquirer is a merchant bank or other financial institution that accepts and processes transactions made with a Mastercard. Mastercard partners with institutions all over the world to offer Mastercard-branded payment cards. Mastercard payment cards exclusively use its network for processing all transactions. Payment cards may be credit, debit
What is Master Certificate A Master Certificate is a document that formalizes a reinsurance agreement. These certificates provide details about the parties involved in the agreement, the risks covered, and the laws that the agreement is governed under. If the ceding insurer and reinsurer make amendments to the reinsurance agreement, they may restate the master
