production Flashcards
The specific economic resources used in producing goods and services
inputs
the 4 basic categories of inputs are…
human resources, natural resources, and capital or capital goods.
The money a business uses to purchase
resources can come from various sources, such as investors,
bank loans, profits from previous sales, crowdfunding, etc.
financial capital
Inputs turn into products
conversion process
The goods and services produced as the result of combined inputs
outputs
Outputs that are sold to producers who will use them to make other products are called
industrial goods
usefulness created by altering or changing the form, shape, or look of a good to make it more useful or attractive to the end user.
form utility
determines how those products will be
produced and in what amounts.
production planning
Buying the resources needed for production
purchasing
which production periodically
stops and restarts.
intermittent production
turns out products without
stopping.
continuous production process
means producing one item at a time
or items in small quantities.
unit production
means producing items in specific amounts, or batches.
Batch production
means producing products in large quantities.
mass production
The production activity that determines the sequence for the
steps in the production process
routing
