Chapter 3 Production Flashcards
What is production
Production is the process of using resources to manufacture goods or provide services.
What is the production process
The production process refers to the steps involved in transforming factor inputs into output.
What is an input
Inputs refer to the resources or factors of production.
What is an output
Output refers to the goods and services produced.
Types of production process
Labour intensive
And
Capital intensive
What is labour intensive production process
Labour intensive production process is when an enterprise uses more labour than capital in the production process
What is the capital intensive production process
Capital intensive production process is when an enterprise uses more capital than labour in the prod uction process
What is small scale production
Small scale production refers to production within a small enterprise
What is the large scale production
Large scale production refers to mass production within a large enterprise.
What is job production
Job production is when enterprises produce one unit of output at a time, according onsumers tastes and preferences.
What is batch production
Batch production is when enterprises manuacture products stage by stage in different batches.
What is the flow production
Flow production is when firms continuously produce standardised output in great quantities.
What is technology
Technology refers to the methods and tools used to facilitate a process.
What is sustainable production
Sustainable production is the production of output using processes and technology that protect the environment
What is the importance of technology in the production process
Produce high quality output
Produce more output
Produce output faster
Produce a variety of products
