Unit 2 final test Flashcards
what are the 6 factors of production
natural resources raw materials labour capital information management
what are the two main types of raw materials
ingredients and supplies
what is the difference between ingredients and supplies
ingredients- raw materials that are combined or converted and become apart of the final product
supplies- raw materials that are consumed during the process but doesn’t become apart of the final product
what is labour
labour includes all the physical and mental work needed to produce goods and services
what is capital
money invested in the business and can be transformed into other items to run the business such as a new truck
what is intellectual property
the ideas or the talent of a busines workforce
what is information
to produce goods and services in a competitve global market. the require more info about - new tech, customers, competition, political conditions an sources of supple
what is management
consists of people who run the business and control or direct the factors of production
what is a commodity
data is the unprocessed good in which is organized and becomes information
what are the 4 stages of the production process
purchasing
processing
quality control
grading
what is purchasing
when a business purchases the raw materials that are needed to produce the product or service
what is processing
all non service business convert one item into another through processing. called conversion processing (timber of logs - paper)
what is quality control
standards that ensure all produced products conform to prescribed levels of excellence (standards are set by a company such as ISO)
what is grading
the act of checking products for size an quality against fixed standards for the product category. (meat, eggs, gasoline)
increased productivity consists of
maintaing quality while increasing speed
increasing quality while maintian speed
increasing both quality and speed at the same time
improving and maintaining productivity is often dependant on
training
capital investment
investment in tech
new inventory systems
what are the 4 major types of training
initial training
ongoing training
retraining
specialized training
what is outsourcing
hiring of another company to perform tasks for any company, cost saving business option
ads and disads of outsourcing
a: less expensive
d: losing management control of business functions means that you may no longer be able to control operations
what are considerations while purchasing
- the quality of the raw material being purchased
- the price of the raw material being purchased
- any additional costs associated with the purchase of the raw material
what are the 6 types of natural resources
- fuel and energy
- logging and forestry
- fishing and trapping
- agriculture
- water
- mining
what is ISO
INternational organization for standards. sets worldwide standards for numerous industries in 157 countries
what is CSA
Canadian standards association. not for profit organization. CSA registered mark shows that a product has been independently tested and certified to meet recognized standards for safety or performance
name three things the HR department does
- monitor the labour market
- ensure health and safety within the work place
- hire new employees
what is unskilled labour
very little trainng and basic skills required ex. dishwasher, stok- boy
what is semi skilled labour
some training (usually on sire) and some skill needed ex. cashier, machine operator
what is skilled labour
training from an educational institution required ex. home inspector
what is professional labour
high trained individuals, college or university courses ex. teacher
what is employee turnover rate
the % of employees that leave every year
what are the benefits from hiring within
- motivated employees
- reduced training costs
- smoother transition for new employees
how do companies advertise postions
- newspapers
- recruiting sites
- company websites
- government sites
what is an exit interview and why is it important
when an employee is leaving a company. its important bc its important for the company to find new ways to improve
what are 6 types of compensation
- salary
- salary plus commission
- incentive bonus
- performance based pay
- stock options
- hourly wage
what rights does an employee have
minimum age for employment hours of work minimum wage paid public holidays parental leave recovery of unpaid wages
what are employer rights
establish wage scale indiviually or through negotiations
hire, promote, and assign the most qualified person
decide companies employment needs, and set employment requirements
what is a collective agreement? what issues are covered in a collective agreemetn
negotiated by management and union representatives: rates of pay and increases vacation schedules hours of work and breaks benefits disciplinary procedures
