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Objective 4.03

Vocabulary

QuestionAnswer
Production The economic process or activity of producing goods and services.
Scarcity A condition resulting from the gap between unlimited wants for goods and services and limited resources.
Factors of production Productive resources; human and natural resources and capital goods
Natural resources Any resource found in nature that is used to produce goods and services
Human resources People who work to produce goods and services
Capital goods Manufactured or constructed items (tools, buildings, equipment) that are used in the production of goods and services
Entrepreneurship using/combine Factors of Production resources to create a new product or services
Four scarce resources or factors of production labor, capital, land, and entrepreneurship
Form Utility Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer
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: robinscl
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