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WHS PoBF 4.03A

LAP OP 17

TermDefinition
Assembly line A production method in which the product moves past workers who each do one assigned production task
Automation A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor
Batch production The production of items in specific amounts, or batches
Capital goods Manufactured or constructed items that are used to produce goods and services
Capital-intensive process A conversion process that depends on the use of equipment
Consumer goods Tangible items produced for personal use
Continuous production process A production process that turns out products without stopping
Conversion process The process of turning economic resources into products
Crowdfunding The process of raising funds from a large group of people, usually via the Internet
Dispatching Issuing orders for production to start
Factors of production Productive resources; human and natural resources and capital goods
Financial capital Money needed to operate a business
Form utility Usefulness created by altering or changing the form, shape, or look of a good to make it more useful or attractive to the end user
Goods Tangible objects that can be manufactured or produced for resale
Human resources People who work to produce goods and services
Industrial goods Tangible items that will be consumed by industrial users
Inputs The specific economic resources used in producing goods and services
Intangible Having no physical presence
Intermittent production process A production process in which production periodically stops and then restarts
International Organization for Standardization (ISO) A non-governmental organization that develops and publishes standards for business, government, and society
Labor-intensive process A production process that relies heavily on the skills of workers
Mass production The rapid production of large quantities of a product
Natural resources Items that are found in nature and used to produce goods and services
Outputs The goods and services produced as the result of combining inputs
Production The creation of goods and services from economic resources
Production planning Determining how products will be produced and in what amounts
Production process The way in which production is carried out
Purchasing Buying the resources needed for production
Robotics A mass production technique in which robots carry out the repetitive tasks that workers would find monotonous and tiring
Routing The production activity that determines the sequence for the steps in the production process
Scheduling The production activity that establishes the timetable to be followed in production
Services Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Tangible Capable of being touched, smelled, tasted, seen, or heard
Unit production The production of one item at a time or items in small quantities
Created by: VNelsonWHS
 

 



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