Production Flashcards
Competitive advantage
A feature that makes a product more desirable than the closest alternative .
Copyright
Legal protection for original creative works such as movies , books , and name brands .
Economy of scale
The decrease in the cost of production that occurs as the company produces more units .
Export
Process of selling a good/ service to a Foreign customer .
Import
Process of buying a goo/service from a foreign producer .
Factors of production
The recourses and equipment businesses use to produce the goods/ services .
Good
A physically tangible product for sale .
Innovation
A new idea , method of production , or distribution .
Logistics
The planning , execution , and control of the movement and placement of people and/or goods , part of supply chain management .
Outsourcing
Hiring people and/or companies to do a job the business cannot do or choose not to do itself .
Product development
The process of taking an idea for a product , through design , construction , demo and testing .
Product mix
Mix of product a company makes or sells .
Productivity
A measure of how much a business produces in a given time .
Prototype
A working model used to determine what it takes to develop their product/ service .
Quality control
The process of making sure the goods or services meet certain standards for appearance , performance , and consistency .
