Production Methods
A production method in which the product moves past workers who each do one assigned production task
What is Assembly line?
The process of turning economic resources into products
What is Conversion Process?
Assets of a business
What is Capital?
The process of raising funds from a large group of people, usually via the internet
What is Crowdfunding?
The goods and services produced as the result of combining inputs
What is Outputs?
The rapid production of large quantities of a product
What is Mass Production?
Determining how products will be produced and in what amounts
What is Production Planning?
Manufactured or constructed items that are used to produce goods and services
What is Capital Goods?
Issuing orders for production to start
What is Dispatching?
The economic process or activity of producing goods and services
What is Production?
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?
The way in which production is carried out
What is Production Process?
People who work to produce goods and services
What is Human Resources?
Buying the resources needed for production
What is Purchasing?
A retail store competing on the basis of low prices and offering limited customer service
What is Discount Store?
A mass production technique in which robots carry out the repetitive tasks that workers would find monotonous and tiring
What is Robotics?
The activity that determines the sequence of the steps for production
What is Routing?
Items that are found in nature and used to produce goods and services
What is Natural Resources?
Money needed to operate a business
What is Financial Capital?
The rivalry between two or more businesses to attract scarce customer dollars
What is Competition?
The production of one item at a time or items in small quantities
What is Unit Production?
The activity that establishes the timetable to be followed in production
What is Scheduling?
The specific economic resources used in producing goods and services
What is Inputs?
The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service
What is Exchange Price?
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?