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Principles of Business > Production > Flashcards

Production Flashcards

1
Q

What is production?

A

This is the creation of goods and services.

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2
Q

What are goods?

A

These are tangible commodities that satisfy our wants and desires.
They are tangible meaning they occupy physical space, which means you can see, feel and touch them.

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3
Q

What are the two types of goods?

A
  1. Consumer goods

2. Producer goods

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4
Q

What are producer goods?

A

These are goods that are used to create other goods and services. (Used in further production)

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5
Q

What are examples of producer goods?

A
  1. Cement
  2. Ship
  3. Machinery
  4. Fabric
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6
Q

What are consumer goods?

A

These are goods that are not used in the creation of other goods. ( they are used as they are)

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7
Q

What are examples of consumer goods?

A
  1. Clothing
  2. Personal Computer
  3. Personal Car
  4. Food
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8
Q

Who is a producer?

A

These are individuals who create goods and services whether for personal use or for sale.

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9
Q

Who is a consumer?

A

These are individuals who use goods and services, (a consumer is not always the person who purchases an item but rather the person who uses the item)

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10
Q

What is a service?

A

These are intangible commodities that satisfy our wants and desires,
they are intangible meaning they do not occupy physical space which means you cannot see, feel or touch them but you can see their effects.

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11
Q

What are the two types of services?

A
  1. Commercial services

2. Direct services

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12
Q

What are direct services?

A

These are services that require some contact between the service provider and the recipient.

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13
Q

What are examples of direct services?

A
  1. Hairdresser/Barber
  2. Transportation
  3. Housemaid
  4. Doctor/ Nurse
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14
Q

What are commercial services?

A

These are services that require little to no contact between the service provider and the recipient.

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15
Q

What are examples of commercial services?

A
  1. Warehousing
  2. Internet
  3. Netflix
  4. Electricity
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16
Q

What are the factors of production (Resources)?

A

These are resources that are needed before production can take place.

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17
Q

List the factors of production.

A
  1. land
  2. labour
  3. capital
  4. Entrepreneurship
18
Q

What is land?

A

These are all-natural resources( anything that is being created by nature)

19
Q

What are examples of land?

A
  1. Minerals
  2. Forests
  3. Fertile soil
20
Q

What is labour?

A

This is work done by humans, animals, and machines.

21
Q

What are the two types of labour?

A
  1. Manual Labour

2. Mechanical labour

22
Q

What is manual labour?

A

This is work done by humans and animals.

23
Q

What are the categories of manual labour?

A
  1. Skilled labour- capable of completing a task
  2. Semi-skilled- capable of completing part of a task
  3. Unskilled- capable of completing a task that requires no training.
24
Q

What is Mechanical labour?

A

This is work done by machines.

25
Q

What is capital?

A

This refers to cash & other assets invested into a business by the owners.
Assets= Machinery, equipment, etc.

26
Q

What is entrepreneurship?

A

This is a person who undertakes the risk of combining the other three factors of production.

27
Q

What are natural resources?

A

This is anything of productive value created by nature.

28
Q

What are the groups’ natural resources falls in?

A

Renewable natural resources- Trees, wind, sunlight

Non-renewable- Minerals, sand, gas, oil

29
Q

What are the two main methods of production?

A
  1. Labour intensive

2. Capital intensive

30
Q

What is labour intensive?

A

This is the extensive use of manual labour to produce goods and services.(This is slow and in-efficient)

31
Q

What is capital intensive?

A

This is the use of machinery to produce goods and services.(works fast and work long hours/more efficient)

32
Q

What is automation?

A

This is machines producing goods and services without human input.

33
Q

What is the meaning of being effective?

A

Being effective means getting the job done.

34
Q

What is efficiency?

A

This means to complete a job without wasting time, money, and raw materials.

35
Q

What are the meaning levels of production?

A

This is the quantity of goods and services that are created.

36
Q

What are the levels of production?

A
  1. Subsistence level
  2. Domestic Level
  3. Export level
37
Q

What is the domestic level?

A

At this level producers produce more goods than they need for personal use. (they produce in surplus/extra)- ( they produce within their own country)

38
Q

What is the subsistence level?

A

This is where a producers produce just enough goods or services for himself and his imedient family. (there is no surplus/extra)

39
Q

What is the export level?

A

At this level producers produce goods and services in surplus quantities to what is demanded locally. (the extra amount is exported to other countries for sale)

40
Q

What is the global level?

A

At this level producers send goods and services to many different countries in many different regions. (Coca-cola, HP- Hewlett Packard)

41
Q

What is the regional level?

A

This is exporting to neighboring countries such as the Caribbean region, North America, or South America.

42
Q

What are the methods of manufacturing production?

A
  1. Job production
  2. Batch production
  3. Mass production
  4. Flow production

Principles of Business (9 decks)

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