Ch.15- Production of goods and services Flashcards

1
Q

Production

A

The process of converting inputs such as land, labour and capital into saleable goods

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2
Q

Productivity

A

A measure of the efficiency of inputs used in the production process, especially labour and capital

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3
Q

Inventories

A

The stock of raw materials, work-in-progress and finished goods held by a business.

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4
Q

Lean production

A

The production of goods and services with the minimum waste of resources

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5
Q

Job production

A

The production of items one at a time

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6
Q

Batch production

A

The production of goods in batches. Each batch passes through one stage of production before moving on to the next stage.

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7
Q

Flow production

A

The production of very large quantities of identical goods using a continuously moving process

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8
Q

Capital intensive

A

Production process that uses a high quantity of capital equipment compared with labour input

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