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BBI2O1- 2.1 Vocab
Introduction to Business: Unit 2, Chapter 5 Production
Term | Definition |
---|---|
PRIMARY INDUSTRY (Extractive Industries) | The six natural resource industries: Agriculture, Fishing and Trapping, Mining, Water, Fuel and Energy, and Logging and Industry. |
RAW MATERIALS | Ingredients that are transformed into another product. |
INGREDIENTS | The raw materials that go into a product. |
SUPPLIES | Raw materials that do not become part of a new product. |
INTELLECTUAL PROPERTY | A business's trade sercrets or the ideas or talent of its workforce. |
REFINING | A processing step used by metal-producing firms, oil companies, and etc. to convert a raw material into a finished product. |
GRADING | Checking products for size and quality against fized standards for the product category. |