chapter 5: production Flashcards
1
Q
natural resources
A
materials from the Earth
2
Q
training
A
develop a person’s knowledge and experience
3
Q
capital investment
A
money used by a business to purchase fixed assets
4
Q
technology investment
A
the acquisition of computer software. Utilizing up-to-date technology enables companies to maintain and improve upon their competitive edge.
5
Q
inventory systems
A
process by which you track your goods throughout your entire supply chain, from purchasing to production to end sales.
6
Q
total cost
A
total cost per unit*number of units needed
7
Q
cost per unit
A
price per unit+hidden cost per unit
