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Objective 4.03
Vocabulary
Question | Answer |
---|---|
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 |