different methods of production #

Question 1

job prod

Answer 1

making one thing at a time - unique prodcuts, highly skilled labour, expensive and take a long time to make but are high quality
ships and bridges for example

Question 2

lean prod

Answer 2

increasing efficiency - as little waste as possible and use as few resources as possible
workers encourages to think about ways to improve their productivity

Question 3

flow prod

Answer 3

identical products - as many as possible along an assembly line
aim is the gain from economies of scale so have low average unit costs to allow for competitive prices

highly capital intensive due to needing a lot of machinery

Question 4

JIT

Answer 4

reduces cost of keeping stock
requires coordination between firm and supplies so a poor relatioship could be damaging
lose out on purchasing economies of scale

Question 5

JIC

Answer 5

means firm can handle a sudden customer demand
can be costly to store