Year 11 - Using and Managing Resources Flashcards
Transformation
A set of inputs are turned in to outputs.
Job Production
When just one of a product is produced, using skills. Certain to customer requirements usually.
Batch Production
Producing different groups of a core product from similar inputs.
Flow Production
A product being assembled/built as it moves along a production line.
Process Production
A product is made through a process e.g baking.
Division of Labour
Dividing work and workers up to specialise on a particular task.
Specialisation
When a worker concentrates on a particular task.
Unique Selling Point
Factor that makes the business or product stand out.
Adding Value
Making a product worth more to a customer.
Specialisation
When a worker is used for a specific job.
Lean Production
Minimising the use of all inputs necessary for production.
Just in Time
Materials/components arrive just as needed.
Quality
A product up to standard.
Total Quality Management
Everyone responsible for quality.
Kaizen
Continuous improvement.
Kitemark
Logo to show the product is tested and approved.
Revenue
Income of business from sales.
Fixed Costs
Costs that do not vary with production.
Variable Costs
Costs that change with production.
Average Costs
Cost for each unit of production.
Productivity
Efficiency of resources.
Economies of Scale
Benefits gained from growth of business.
Bulk
Large amount.
Breakeven
Where costs equal revenue and the business is making neither a profit nor loss.
