Understand overproduction's role in economies, leading to surplus which affects market prices. Overproduction of crops forced farmers to sell at lower prices.
Pro Tip 2/3
Business Planning
Recognize the importance of demand forecasting to prevent overproduction and wasted resources. The company curbed overproduction by better predicting holiday sales.
Pro Tip 3/3
Consumer Perspective
Note the effects on consumers, who may benefit from price drops when overproduction occurs. Gadget overproduction meant cheaper electronics for shoppers.