ECONOMIC RESOURCES
The specific economic resources used in producing goods and services
Buying the resources needed for production
What is purchasing?
The way in which production is carried out
What is production process?
The process of turning economic resources into products
What is the conversion process?
The economic process or activity of producing goods and services
What is production?
Items that are found in nature and used to produce goods and services
What are natural resources?
The activity that determines the sequence of the steps for production
What is routing?
A production process in which production periodically stops and restarts
What is an intermittent production process?
A conversion process that depends on the use of equipment
What is a capital intensive process?
A production method in which the product moves past workers who each do one assigned production task
What is an assembly line?
People who work to produce goods and services
What are human resources?
The activity that establishes the timetable to be followed in production
What is scheduling?
The production of one item at a time or items in small quantities
What is unit production?
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
What is form utility?
A mass production technique in which robots carry out the repetitive tasks that workers would find monotonous and tiring
What is robotics?
Manufactured or constructed items that are used to produce goods and services
What are capital goods?
Issuing orders for production to start
What is dispatching?
A production process that turns out products without stopping
What is the continuous production process?
A production process that relies heavily on the skills of workers
What is the labor intensive process?
Physical
What is tangible?
Assets of a business
What is capital?
Determining how products will be produced
and how much of the product
to produce
What is planning?
The production of items in specific amounts, or batches
What is batch production?
Tangible items that will be consumed by industrial users
What are industrial goods?
A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor
What is automation?