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4.03 Key Terms

TermDefinition
Production: The economic process or activity of producing goods and services.
Operations: The day-to-day activities for continued business functioning.
Inputs: The specific economic resources used in producing goods and services.
Outputs: The goods and services produced as the result of combining inputs.
Planning: Determining how products will be produced and how much of the product to produce.
Purchasing: Buying the resources needed.
Production Process: The way in which production will be carried out.
Scheduling: Determining the time table to follow in production.
Dispatching: Issuing orders for production to begin.
Follow-up: Make sure products meet standard and are completed according to plan.
Created by: drakon0130
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