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entrep m4-2
| Question | Answer |
|---|---|
| Requires set of inputs to set a yield of output | PRODUCTION |
| Stages of operation | 1. Operation 2. Assembly 3. Finishing 4. Inspection 5. Storage Stage |
| Plan, organize, coordinate, control, direct, evaluate | PRODUCTION MANAGER |
| FACTORS OF PRODUCTION | • Land • Labor • Capital • Entrepreneurial ability |
| COST OF PRODUCTION | Total Production Cost = Variable Cost + Fixed Cost |
| Does not vary with the number of goods | Fixed cost |
| This type of cost varies depending on the number of products a company produces | Variables Cost |
| increases as the production volume increases and it falls as the production volume decreases. | Variables Cost |
| basic materials used to assemble products | Raw Materials- |
| partially finished goods that are in the production process but not yet completed | WIP Inventory |
| products that have completed the manufacturing process and are ready to be sold to customers | Finished Goods |
| Capital market and skills which have direct influences in the productivity of the business enterprise | True |
| done to identify needs and wants of consumers | Market researches |