ch18 production of goods and services Flashcards
(6 cards)
1
Q
Define Production
A
is the effective management of resources in producing goods and services.
2
Q
What is Productivity?
A
Is a measure of the efficiency of inputs used in the production process over a period of time.
3
Q
what is inventory?
A
Is the amount of raw materials work in process and finished goods held by a business intended to sale
4
Q
define Lean Production?
A
Refers to the various techniques a firm can adopt to reduce wastage and increase productivity.
5
Q
A
6
Q
A
