TEST Flashcards
(5 cards)
1
Q
Definition of efficiency
A
Using the least amount of inputs to achieve the highest amount of output.
2
Q
Definition of capacity utilisation
A
The proportion of maximum possible output that is currently being used.
3
Q
Capital intensive production
A
Products are mainly produced by machines and robots. This means the initial output and maintenance will be very high.
4
Q
Types of stock
A
-Raw materials
-Work-in-progress
-Finished goods
5
Q
A
