This is how cost efficiency plays a significant role in globalization in the economy. When companies have the opportunity to produce products at a cheaper rate by using alternative resources, they find the best solution possible for either the short run or long run. Robots have been the solution to leading a cost-effective economy. The use of robots has had a growing impact on the manufacturing industry for some time now, and continues to innovate our globalized economy.
Types of motions for industrial robots. Industrial robots move about in single and multiple directions. One is known as the point-to-point movement where the robots are made to shift from one specific point to other points in the system. Another type is known as the straight line movement where the robot moves onward but does not have the capability to move to other system points. Another type of motion is the defined curve movement or the instance where the robot moves on a curved route according to how the system was engineered.
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Industrial robots find application in tasks such as repairing, welding, painting, grouping, allocating, product inspection and testing. Vehicle and manufacturing industries use these appliances to design auto parts, gather equipment and scrutinize manufactured parts. Industrial robots are substituted for manpower in perilous jobs, which require carrying out hazardous and unsafe tasks.
First, when you raise the cost of labor for small entry level jobs, there will be fewer of them as businesses raise their prices and clientele evaporates, some businesses will close, fewer jobs. The businesses and business models that survive will absorb those costs with rate and price increases to customers – this results in inflation therefore your dollar will be worth a little less, how much is hard to say; 10%, maybe 20%, which is about how much the minimum wage increase would be from what it is now if it went up to let’s say $10.00.