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4.05 Nature of Produ
| Term | Definition |
|---|---|
| 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 | assets of a business |
| 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 economic resource into products |
| dispatching | issuing orders for production to start |
| factors of production | productive resources, human and natural and capital goods, also known as economic sources |
| 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 |
| 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 good and services |
| intangible | not having a physical presence |
| intermittent production process | A production process in which production periodically stops and restarts |
| international organization for standardization | a nongovernmental 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 are used to produce goods and services |
| outputs | the goods and services produced as a result of combining inputs |
| productions | The economic process or activity of producing goods and services |
| production planning | determining how products will be produced and in what amounts |
| production process | he way 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 find monotonous and tiring |
| routing | the activity hat establishes the timetable to be followed in production |
| scheduling | intangible activities that are performed by other people for money productive acts that satisfy economic wants |
| 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, physical. |
| unit production | The production of one item at a time or items in small quantities |
Created by:
melany.s187