Production Flashcards
What is production
Production is the process of using materials(inputs) and transforming them in some way to produce goods and services
What is a need
Needs are things that are essential to human survival
What are the factors of production
The resources needed by businesses to produce goods and services
Land, labor, capital and enterprise
What is land
Land as a factor of production in idea geographical surface area, rivers,lakes and seas, minerals and chemicals
What is Labour
Labour is peoples physical and mental contribution to the creation of goods and services
Types of Labour
Semi-Skilled/Unskilled: cleaners street vendors ,drivers watchmen (little to no special training)
Skilled: Engineers mechanics, electricians,plumbers
Managerial/professional: teachers,doctors,nurses,lawyers
What is Capital
Capital as a factor if production is the money that is invested in a business in order to acquire the assets which the business needs to produce or trade
Venture Capital
Venture Capital refers to money subscribed to finance new businesses and activities of an existing business that are considered to be of a risky nature and therefore not usually finances through traditional methods
Enterprise
Enterprise as a factor of production refers to special skills known as entrepreneurship that some people have to organize their business
Inputs
What a business puts into its production process
Outcome
The level of performance or achievement the business has gained as a result of its activities; the output achieved per unit input
Productivity
A measure of the increase in output from each unit in the production process
Quality Control
Checking the quality of items produced against a standard measure of quality
What are the types of Production?
Primary, Secondary, Tertiary
Primary Profuction
Concerns the extraction of basic raw materials provided by nature
Eg,
Agriculture: involves food production IJ the form of fruits and vegetables etc
Fishing: plays a major part in providing food for countries that have access to the sea
Mining: involves the extraction of raw materials such as fossil fuels,oil,gas etc
Secondary Production
Consists of The manufacturing and construction industry is. They take the materials produced by the extractive industries and change them into the end product.
Eg,
Manufacturers may be involved in the production of the complete item with the mimic pause that will be assembled in a finished article
Construction industries take the role or partly process with you as a primary producers and change into buildings roads bridges etc.
Tertiary Production
They enable the change of ownership of goods and services tertiary activities begin with the kids leave the producer and I transported and stored by the traders
What is commerce
Commerce consists Of transporting warehousing advertising banking insurance and communication
Subsistence level of production
This level of production meets only basic needs of the country in which it takes place it enables the population to survive but not enough to improve the way of life they tend to be reliant being in agriculture and people live entirely and what can be a team from natural sources and this results in a very poor quality of life periods of drought or other climactic problems result in severe hardship
Domestic level of production
At the domestic level of production everything is produce locally that is within the home country both human and natural resources are employed and the whole country is dependent on what can produce from these resources
Surplus level of production
Developed countries have a wide variety of resources and expertise to the full they also have advanced technology which enables them to take full advantage of their resources countries like these satisfy to Mesa consumption but also provide a surplus that can be exposed to other country this results in a better quality of life for the population because there’s an access to water for active products presses a more competitive and more can be earned from production
Cottage industries
Because this industry is one of the smallest types of business it is operated in the home and involves mainly manual handiwork and is carried out at home this is often used to supplement a person’s is normal earnings
Example room string aunts flower arrangements comments embroidery basketry jams and jellies, beauty culture smocking
Functions of the small business
1: providing rural areas with nearby shopping facilities especially in under developed annual areas
2: supplying goods and services that satisfy some demand
3: so filling in niche in the market that does not interest larger businesses for example wedding planning and beauty services
Advantages of a small business
1) good working relationship some more easily established and maintain
2: it is easier to promote more personal contact between employees and customer this leads to a glutamyl personal seagulls service
3: they provide employment opportunities particularly in rule and depressed areas
4: closer communication exist between the owner and the employees and between the employees themselves