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Business > Production > Flashcards

Production Flashcards

1
Q

What is Quality Control?

A

Standards set to confirm a product is up to a certain standard

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2
Q

What are the factors of production?

A

Natural resources, Raw materials, Labor, Capital, Information, Management

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3
Q

What are natural Resources (Industry)?

A

The natural resources that primary industries supply us with are agriculture, fishing and trapping, mining, water, fuel and energy, logging and forestry

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4
Q

What are primary Industry’s?

A

Those that extract or produce raw materials from which useful items can be made

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5
Q

Extractive Industry’s?

A

Primary industries that take something out of the Earth or the sea

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6
Q

What are Raw Materials?

A

Ingredients and supplys

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7
Q

What is Automation?

A

Work completed by machines

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8
Q

What is Consolidate?

A

when many small manufacturing sites close down and are centralized into one large site

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9
Q

What is Outsourcing?

A

Hiring another company to do tasks

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10
Q

What is Labor?

A

All physical and mental work that is needed to produces goods and services

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11
Q

What is Capital?

A

The money invested into a business

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12
Q

What is Non-Liquid?

A

Buildings or equipment that cannot be converted into money

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13
Q

What is Liquid?

A

Money that is given to or invested into the business

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14
Q

What is Intellectual property?

A

The ideas of Talents of a business’ workforce (Inventions, Designs etc)

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15
Q

What is Management?

A

People who run and control a business (natural resources, raw materials, labor, capital, information, and so on)

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16
Q

What is Purchasing?

A

The person responsible for buying the raw materials for their products

17
Q

What is the formula for the total cost?

A

Price + Hidden cost x amount of product = Total cost

18
Q

What is Processing?

A

Converting one item into another through processing

19
Q

What is Grading?

A

Checking the size and quality of a product before buying

20
Q

What is Profitability?

A

The amount of profit a business is able to make

21
Q

What is productivity?

A

Being able to make products quickly, efficiently, while also maintaining a good quality

22
Q

What is Productivity dependent on?

A

training, capital investment, investment in technology, new inventory system

23
Q

What is Training?

A

Programs that help employees work efficiently, and help them gain experience

24
Q

What are the types of training?

A

Initial training, Ongoing training, Retraining, Specialized training

25
Q

What is Capital Investment?

A

Investing into computers, machinery, buildings, and facilities that contribute to increased productivity

26
Q

What are Investments in technology?

A

Investing in up-to-date technology

27
Q

What does JIT stand for?

A

Just-In-Time

28
Q

What is New Inventory Systems?

A

Inventory systems that help business know what they have or don’t have.

Business (3 decks)

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