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4.05 Nature of Produ
4.05 Nature of Production
| 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 goods and services |
| 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 ; also know as economic resources |
| Financial capital | Money needed to operate a business |
| Form Utility | Usefulness created by altering or changing the form, shape, or looks of a good to make it 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 the industrial user |
| inputs | 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 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 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 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 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 times in small quantities |
Created by:
Julianr.