Added Value & Production Flashcards
1
Q
Added value
A
The difference between the price of a good and the cost of purchasing raw materials needed.
2
Q
Types of production
A
Job production
Batch production
Flow production
3
Q
Job production
A
Producing items that meet the specific requirements of the customer.
4
Q
Batch production
A
When many similar items are produced together. Each batch foes through one stage of the production process before moving onto the next stage.
5
Q
Flow production
A
A continuous movement of items through the production process.
