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entrep m4-2

QuestionAnswer
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
Created by: lessuy
 

 



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