Production Flashcards
What is Quality Control?
Standards set to confirm a product is up to a certain standard
What are the factors of production?
Natural resources, Raw materials, Labor, Capital, Information, Management
What are natural Resources (Industry)?
The natural resources that primary industries supply us with are agriculture, fishing and trapping, mining, water, fuel and energy, logging and forestry
What are primary Industry’s?
Those that extract or produce raw materials from which useful items can be made
Extractive Industry’s?
Primary industries that take something out of the Earth or the sea
What are Raw Materials?
Ingredients and supplys
What is Automation?
Work completed by machines
What is Consolidate?
when many small manufacturing sites close down and are centralized into one large site
What is Outsourcing?
Hiring another company to do tasks
What is Labor?
All physical and mental work that is needed to produces goods and services
What is Capital?
The money invested into a business
What is Non-Liquid?
Buildings or equipment that cannot be converted into money
What is Liquid?
Money that is given to or invested into the business
What is Intellectual property?
The ideas of Talents of a business’ workforce (Inventions, Designs etc)
What is Management?
People who run and control a business (natural resources, raw materials, labor, capital, information, and so on)
What is Purchasing?
The person responsible for buying the raw materials for their products
What is the formula for the total cost?
Price + Hidden cost x amount of product = Total cost
What is Processing?
Converting one item into another through processing
What is Grading?
Checking the size and quality of a product before buying
What is Profitability?
The amount of profit a business is able to make
What is productivity?
Being able to make products quickly, efficiently, while also maintaining a good quality
What is Productivity dependent on?
training, capital investment, investment in technology, new inventory system
What is Training?
Programs that help employees work efficiently, and help them gain experience
What are the types of training?
Initial training, Ongoing training, Retraining, Specialized training
What is Capital Investment?
Investing into computers, machinery, buildings, and facilities that contribute to increased productivity
What are Investments in technology?
Investing in up-to-date technology
What does JIT stand for?
Just-In-Time
What is New Inventory Systems?
Inventory systems that help business know what they have or don’t have.
