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IGCSE Business > Unit 4: Chapter 18 > Flashcards

Unit 4: Chapter 18 Flashcards

Production of Goods and Services

1
Q

What is production efficiency?

A

the higher the productivity of a business is, the more efficient it is. they use low inputs and produce high outputs, which reduces the cost and highers the revenue made

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2
Q

What is the formula for productivity?

A

output/quantity of input

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3
Q

What is labour productivity?

A

measures how much output each person contributes in a business

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4
Q

What is the formula for labour productivity?

A

output/number of employees

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5
Q

What is productivity?

A

the output measured against the inputs used to create it

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6
Q

How can you increase efficiency?

A

training, improve working environment, new production methods (tech)

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7
Q

What are the effects of too much inventory?

A

too much inventory increases waste which decreases productivity.

products can perish before sold, uses extra storage space, and extra cash used to purchase

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8
Q

What is the importance of inventory?

A

needed to serve customers
needed to manufacture products
current assets to the business

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9
Q

What is lean production?

A

a method of production used to improve efficiency by eliminating waste.

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10
Q

What is a buffer inventory?

A

inventory held to deal with uncertainty in customer demand and deliveries of supplies

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11
Q

What are the features of lean production?

A

make continuous improvements in production process, speed up steps, reduce waste, improve work quality

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12
Q

What is JIT?

A

Just In Time
system used to make sure you get the perfect amount of materials needed just in time for use

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13
Q

What is cell production?

A

production line divided into separate self contained cells/units. each making a part of the product instead of mass production.

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14
Q

What is Kaizen?

A

Japanese term meaning ‘continuous improvement’ through elimination of waste

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15
Q

What are the methods of production?

A

job, batch, and flow

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16
Q

What is job production?

A

where a single product is made at a time

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17
Q

What is batch production?

A

when a quantity of one product is made, then a quantity of another item will be produced.

18
Q

What is flow production?

A

where large quantities of products are produced in a continuous process (mass production)

19
Q

What is capital intensive?

A

very expensive startup costs (investing in a machine, vehicle etc.)

20
Q

What are the advantages of job production?

A

suitable for personalised services/products, product meets exact requirements of customer

21
Q

What are the disadvantages of job production?

A

skilled labour needed, expensive, slow production

22
Q

What are the advantages of batch production?

A

flexible way of working, gives variety to workers jobs, allows more consumer choice

23
Q

What are the disadvantages of batch production?

A

expensive, machines have t be reset between batches, warehouse spaces needed to hold raw materials

24
Q

What are the advantages of flow production?

A

high output of standardised product, costs kept low so price can stay low

25
Q

What are the disadvantages of flow production?

A

very boring system, significant storage requirements, capital intensive

26
Q

How has technology changed production methods?

A

allows mechanisation and automation of production methods, keeps business ahead of competition

27
Q

What is automation?

A

equipment used in factory controlled by a computer to carry out mechanical processes

production line consists of mainly machines and only few people needed to ensure smooth runs

28
Q

What is mechanisation?

A

where the production process is done by machines but operated by people

29
Q

What are the advantages of mechanisation?

A

robots can do unpleasant/dangerous tasks for humans

quick, accurate, work 24 hours

30
Q

What is CAD?

A

computer integrated design
computer software that draws items designed ore quicky and allows them to be rotated to see from all sides

31
Q

What is CAM?

A

computer aided manufacture

where computers monitor production process + control machines and robots

32
Q

What is CIM?

A

computer integrated manufacturing

total integration of CAD and CAM

the computers that design products linked to computers that aid manufacturing

33
Q

What are the electronic payment methods?

A

EPOS, EFTPOS, contactless payment

34
Q

What are the advantages of electronic payment methods?

A

makes sales quicker and improves productivity in shops

35
Q

What is EPOS?

A

electronic point of scale

payment method used at checkouts where each item has a barcode that displays the price and description of the product on the checkout monitor and receipt. the inventory records whether the item is sold and when stock gets low it automatically reorders it.

36
Q

What is EFTPOS?

A

electronic funds transfer at point of scale

electronic cash register connected to retailers main computer + bank, so when customer pays directly debits to retailers bank account after confirmation of purchase.

37
Q

What is contactless payment?

A

fast and easy way to secure purchase for small amounts.

large amounts passcode needed to identify legit transaction

debit cards, credit cards, watches etc. antenna touched against contactless terminal to transmit information

38
Q

What are the advantages of new technology?

A

productivity increases as efficient methods also reduce cost

greater job satisfaction

better quality products as result of increased accuracy

39
Q

What are the disadvantages of new technology?

A

unemployment can rise, capital intensive, outdates quickly

40
Q

What are the 7 types of waste?

A

overproduction, waiting, transportation, unnecessary inventory, motion, over processing, defects

41
Q

What are the benefits of lean production?

A

costs saved through: less storage, quicker production, no repair defects, better use of equipment

42
Q

What do reduced costs lead to?

A

lower prices for customers which can increase sales by coming close to competitors

IGCSE Business (21 decks)

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