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"4.05 Nature of Pro
| 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 | the process of turning economic resources into products |
| 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 also known as economic resources |
| 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 resoruces | people who work to produce goods and services |
| industrial goods | tangible items that will be consumed by industrial users |
| input | the specific economic resources used in producing goods and services |
| intangible | not having a physical presence |
| intermittent production process | a production process in which production in which production periodically stops and restarts |
| international organization for standardization (iso) | 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 used to produce goods and services |
| outputs | the goods and services produced as the result of combing inputs |
| production | the economic process or activity of producing goods and services |
| production planning | determining how products will be produced and in what amount |
| 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 activity that determines the sequence of the steps for production |
| scheduling | the activity that establishes the timetable to be followed in production |
| services | intangible activities that are permed 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:
valorie.b923
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