Year 11 - Using and Managing Resources Flashcards

1
Q

Transformation

A

A set of inputs are turned in to outputs.

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2
Q

Job Production

A

When just one of a product is produced, using skills. Certain to customer requirements usually.

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3
Q

Batch Production

A

Producing different groups of a core product from similar inputs.

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4
Q

Flow Production

A

A product being assembled/built as it moves along a production line.

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5
Q

Process Production

A

A product is made through a process e.g baking.

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6
Q

Division of Labour

A

Dividing work and workers up to specialise on a particular task.

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7
Q

Specialisation

A

When a worker concentrates on a particular task.

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8
Q

Unique Selling Point

A

Factor that makes the business or product stand out.

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9
Q

Adding Value

A

Making a product worth more to a customer.

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10
Q

Specialisation

A

When a worker is used for a specific job.

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11
Q

Lean Production

A

Minimising the use of all inputs necessary for production.

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12
Q

Just in Time

A

Materials/components arrive just as needed.

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13
Q

Quality

A

A product up to standard.

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14
Q

Total Quality Management

A

Everyone responsible for quality.

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15
Q

Kaizen

A

Continuous improvement.

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16
Q

Kitemark

A

Logo to show the product is tested and approved.

17
Q

Revenue

A

Income of business from sales.

18
Q

Fixed Costs

A

Costs that do not vary with production.

19
Q

Variable Costs

A

Costs that change with production.

20
Q

Average Costs

A

Cost for each unit of production.

21
Q

Productivity

A

Efficiency of resources.

22
Q

Economies of Scale

A

Benefits gained from growth of business.

23
Q

Bulk

A

Large amount.

24
Q

Breakeven

A

Where costs equal revenue and the business is making neither a profit nor loss.