business study ch5

Question 1

natural resources

Answer 1

things that are made naturally

Question 2

primary industires

Answer 2

industries that take the natural resources

Question 3

raw materials

Answer 3

are any goods used to manufacture other goods

Question 4

capital

Answer 4

capital is money

Can be transformed into other items to run the business such as a new truck—this type of capital is called liquid

Question 5

JIT inventory system

Answer 5

keep track of factory production to deliver goods on time

Benefits are having the right material, at the right time/ place/ amount

Question 6

how can you increase productivity

Answer 6

get/ invest in machines and up-to-date technology

Question 7

capital investments

Answer 7

investing in big things that help with productivity
ei. new machinery

Question 8

the 4 types of training

Answer 8

Initial training
Ongoing training
Retraining
Specialized training

Question 9

Improving and maintaining productivity is often dependent on…

Answer 9

Training
Capital investment
investment in technology
new inventory systems

Question 10

conversion processing

Answer 10

all non-service businesses convert one item into another through processing

Question 11

what is grading

Answer 11

checking product size and quality

it allows consumers to make informed purchasing decisions