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Business > 5 Business operations > Flashcards

5 Business operations Flashcards

1
Q

Ch40. 336. Scale

A

Size of a business

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2
Q
  1. Economies of scale
A

Financial advantages (falling average costs) of producing something in very large quantities

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3
Q
  1. Diseconomies of scale
A

Rising average costs when a firm becomes too big

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4
Q
  1. Internal economies of scale
A

Cost benefits that an individual firm can enjoy when it expands

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5
Q
  1. External economies of scale
A

Cost benefits that all firms in the industry can enjoy when the industry expands

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6
Q

Ch41. 345. Production

A

Transformation of resources into a final product

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7
Q
  1. Job production
A

Method of production that involves employing all factors to complete one unit of output at a time

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8
Q
  1. Batch production
A

Method that involves completing one operation at a time on all units before performing the next

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9
Q
  1. Flow production
A

Large-scale production of a standard product, where each operation on a unit is performed continuously one after the other, usually on a production line

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10
Q
  1. Process production
A

Form of flow production where materials pass through a plant where a series of processes are carried out in order to change the product

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11
Q
  1. Labour-intensive production
A

Production methods that make more use of labour relative to machinery

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12
Q
  1. Capital-intensive production
A

Production methods that make more use of machinery relative to labour

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13
Q
  1. Productivity
A

Rate at which goods are produced, and the amount produced, especially in relation to the work, time and money needed to produce them

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14
Q
  1. Labour productivity
A

Output per worker in a given time period

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15
Q
  1. Flexitime
A

System in which people work a fixed number of hours each week or month, but can change the times at which they start and finish each day

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16
Q
  1. Downsizing
A

Process of reducing capacity, usually by laying off staff

17
Q
  1. Outsourcing
A

Contracting out of work that might otherwise have been performed within the organisation to other businesses

18
Q

Ch42. 354. Lean production

A

Approach to production aimed at reducing the quantity of resources used

19
Q
  1. Just-in-time
A

Production technique that is highly responsive to customer orders and uses very little stock holding

20
Q
  1. Tailor-made
A

Where a product has been designed so that it is exactly right for someone’s needs

21
Q
  1. Stockpile
A

Large supply of goods and so forth that are being kept for use or possible use in the future

22
Q
  1. Quality circles
A

Small group of factory workers who meet regularly to discuss ways to improve working methods and to solve problems

23
Q

Ch43. 362. Computer aided design (CAD)

A

Use of computers to design products

24
Q
  1. Computer numerically controles machines (CNC’s)
A

Machines that carry out the instructions fed by computers

25
Q
  1. Computer aided manufacturing (CAM)
A

Where computers link and control the design and production of goods in manufacturing

26
Q
  1. Computer integrated manufacturing (CIM)
A

Use of computers to control the entire production process

27
Q

Ch44. 368. Factors of production

A

Resources used to produce goods and services - including land, labour, capital and enterprise

28
Q
  1. Labour
A

People employed in a business/used in production

29
Q
  1. Fixed capital
A

Stock of human-made resources, such as machines and tools, used to help make goods and services

30
Q
  1. Entrepreneur
A

Individual who organizes the other factors of production and risks their own money in a business venture

31
Q
  1. Division of labour
A

Specialization in specific tasks or skills by an individual

32
Q

Ch45. 376. Quality

A

Features of a product that allow it to satisfy customers’ needs

33
Q
  1. Quality control
A

Making sure that the quality of a product meets specified quality standards

34
Q
  1. Total quality management (TQM)
A

Managerial approach that focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of the business

35
Q
  1. Quality assurance
A

Working methods that take into account customers’ wants when standardising quality - often involves guaranteeing that quality standards are met

36
Q
  1. Unique selling point (USP)
A

Feature of a product than no other similar products have, used in advertising to try to persuade people to buy it.

Business (7 decks)

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