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POB > Production > Flashcards

Production Flashcards

1
Q

Productivity

A

Is how well the business is using all its resources.

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2
Q

Production

A

Is the process is taking raw materials (inputs) and adding value to them through a process, producing a final product (output)

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3
Q

Land

A

Reward= RENT

Refers to the earth and to all natural resources which come from above and below the earth and in the air eg: beaches, seas, rivers, sunshine, Oil, trees

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4
Q

Capital

A

Reward= INTEREST

Refers to the money invested to produce a product

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5
Q

Fixed capital

A

Assets which have a long productive life in the business and can be used multiple times. Eg: machines, vehicle, buildings.

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6
Q

Working capital

A

Assets which are needed for the day -to - day running of the business but usually do not have multiple use. They are depleted sometime after one use

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7
Q

Renewable

A

Can be reproduced themselves or can be produced by man eg: bamboo trees

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8
Q

Non- renewable

A

Are limited in supply and cannot reproduce themselves or be reproduced by man eg: oil

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9
Q

Labour

A

Reward = WAGE/SALARIES

Refers to all the people or human resources taking part in the production process

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10
Q

Factors influencing productivity

A 
Layout of the factory 
Quality of raw materials / input
Job fit and workers motivation
Management skills 
Location
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11
Q

Importance of productivity

A

More productive the resources of the business, the more profits it will earn.

By measuring productivity the business can measure its own progress.

Comparing productivity with other similar business tells the firm how competitive it is.

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12
Q

Levels of production

A

Subsistence

Domestic/ self sufficient

Surplus

Export

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13
Q

Subsistence sector

A

At this level the country is barely able to produce enough to meet the needs of its citizens.

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14
Q

Domestic/ self sufficient

A

At this level the country produces enough goods and services to meet the needs of its citizens. uses local resources like land and labour

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15
Q

Surplus sector/ production

A

At this level country produces more than enough goods and services to meet its documents needs. Extra surplus is exported to tithe countries

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16
Q

Export sector/ production

A

Produces goods solely for the export market. Goods are not use locally

17
Q

Primary sector

A

Involved in using natural resources from the earth. Natural= raw materials. Eg: fishing, mining, farming

18
Q

Secondary sector

A

Raw materials go through the manufacturing process where value is added and it is transformed into a new product.

19
Q

Tertiary sector

A

Giving services to the community. Is heavily dependent on human input and includes many other things banking, communications, insurance

20
Q

Small business

A

are an integral part of Caribbean economies. Serves an important role in providing products that may be suitable for large scale production.

> can have between 7-25 people
usually has its own location separate from home

21
Q

Cottage industry

A

Is one where the production of goods takes place in the home or within a specific community

22
Q

Characteristics of cottage industry

A

Labour used tends to be family members

Work may done in the community centers or in church halls

Wide range of products produced in this industry

23
Q

Advantages of cottage industry

A

Uses locally available inputs

Labour cost are low since family members are employed

Creates employment for persons with specialized skills

24
Q

Disadvantage of cottage industry

A

Marketing skills of the producers tend to be lacking

Quantity produced tend to be small therefore small profits

Government support is needed to grow the industry and improve quality

25
Q

Linkage / spin-off industry

A

Is a firm or business that is connected to another industry. The output or finished product of one business is the input or raw material in the making of products in another

26
Q

Backward linkage

A

Occurs when the industry forms a linkage with another usually one of its industry suppliers.

27
Q

Forward linkage

A

Occurs when the output of one industry becomes the input for a another industry

28
Q

Benefits of linkages

A

There is a reduced risk of disruption of the supply of inputs due to theses linkage

Contacts for supply of inputs can improve quality of inputs

Linkage can encourage large scale production

29
Q

Disadvantage of linkage

A

Formation of these linkages may be capital intensive

Finding investment needed may be difficult

30
Q

Benefits of small business

A

Responsive to changes in the market place

Innovative-tend to think outside the box and are able to find innovative solutions to problems

Grow into lager businesses

31
Q

Internal growth

A

Lager growth ( lager employment)

Increasing capital>more money, asset including: fixed and working capital

Opening other outlets

32
Q

External growth

A

Mergers- when 2 or more business willing to come together to form one new company

Takeover- a type of business which may be friendly or hostile

Acuvtion -where a large or more powerful company aquires or obsorb small company under friendly terms

33
Q

Marketing

A

Is what distinguishes your business from other options and makes it unique.

34
Q

Marketing mix

A

A marketing strategy that incorporates the core marketing activities

35
Q

Target market

A

Is the group of consumers at which a business marketing effort are aimed

36
Q

Product life cycle

Stage 1 Introduction phase

A

> business may launch one new product. Little to no profits being made

37
Q

Growth phase

A

Sales increase rapidly as more consumers become aware of the product and decides to try it. Business may offer different sizes. Starts to make a profit

38
Q

Mature stage

A

Sales continue to increase but at a slower rate. Sales may peak and level off in this stage. Many competitors on the market at this point

POB (3 decks)

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