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Flashcards in 5 Business operations Deck (36)
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Ch40. 336. Scale

Size of a business

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337. Economies of scale

Financial advantages (falling average costs) of producing something in very large quantities

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337. Diseconomies of scale

Rising average costs when a firm becomes too big

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337. Internal economies of scale

Cost benefits that an individual firm can enjoy when it expands

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339. External economies of scale

Cost benefits that all firms in the industry can enjoy when the industry expands

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Ch41. 345. Production

Transformation of resources into a final product

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345. Job production

Method of production that involves employing all factors to complete one unit of output at a time

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345. Batch production

Method that involves completing one operation at a time on all units before performing the next

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346. Flow production

Large-scale production of a standard product, where each operation on a unit is performed continuously one after the other, usually on a production line

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346. Process production

Form of flow production where materials pass through a plant where a series of processes are carried out in order to change the product

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346. Labour-intensive production

Production methods that make more use of labour relative to machinery

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346. Capital-intensive production

Production methods that make more use of machinery relative to labour

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348. Productivity

Rate at which goods are produced, and the amount produced, especially in relation to the work, time and money needed to produce them

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348. Labour productivity

Output per worker in a given time period

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349. Flexitime

System in which people work a fixed number of hours each week or month, but can change the times at which they start and finish each day

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349. Downsizing

Process of reducing capacity, usually by laying off staff

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349. Outsourcing

Contracting out of work that might otherwise have been performed within the organisation to other businesses

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Ch42. 354. Lean production

Approach to production aimed at reducing the quantity of resources used

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354. Just-in-time

Production technique that is highly responsive to customer orders and uses very little stock holding

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355. Tailor-made

Where a product has been designed so that it is exactly right for someone’s needs

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355. Stockpile

Large supply of goods and so forth that are being kept for use or possible use in the future

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357. Quality circles

Small group of factory workers who meet regularly to discuss ways to improve working methods and to solve problems

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Ch43. 362. Computer aided design (CAD)

Use of computers to design products

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362. Computer numerically controles machines (CNC’s)

Machines that carry out the instructions fed by computers

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363. Computer aided manufacturing (CAM)

Where computers link and control the design and production of goods in manufacturing

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363. Computer integrated manufacturing (CIM)

Use of computers to control the entire production process

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Ch44. 368. Factors of production

Resources used to produce goods and services - including land, labour, capital and enterprise

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369. Labour

People employed in a business/used in production

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369. Fixed capital

Stock of human-made resources, such as machines and tools, used to help make goods and services

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369. Entrepreneur

Individual who organizes the other factors of production and risks their own money in a business venture