L1 Production
Cards (43)
- Transforming raw materials into finished products
- Workers combining inputs to make things for consumption or outputs
- Act of creating output that is either goods or services
- The act or process of producing
- Administration of an organization
- Setting strategies and coordinating the efforts of employees to accomplish objectives
- Can be explained as an art or science of getting things done by people
- Job of coordinating and controlling activities required to make a product
- Involves control, cost, quality, performance, and waste management
- Collection of interrelated activities involved in producing goods and services
- Manufacturers agree to reach goals, they need an integrated source of information
- Transforms a business into a whole
- Feedstocks or unprocessed materials that are used to produce goods
- Supply of money, materials, staff, and other assets to function effectively
- Articles or substances that are manufactured or refined for sale
- Things offered to a market that might satisfy a need or want
- Things that are necessary
- Something you must have for survival
- Basic requirement for a human being
- Consumers desire for a product’s specific benefit
- Things that we desire or wish
- Something that is good to have but not essential for survival
- Satisfiers of needs
- Building blocks of economy
- Inputs that we use to produce things so we can make an economic profit
- Includes land plus anything that comes with it
- Also includes natural resources like oil and water
- Effort that humans contribute to production
- Elements that we use to produce goods and services
- Is what we need to combine the factors of production
- State of producing something
- Effectiveness of productive effort
- Utilization of less inputs but with more outputs
- Comparison of what is produced with what can be achieved
- Means doing the right thing
- Degree to which objectives are achieved
- Formula for computing productivity
- Tangible items
- Intangible products
- Translating raw materials into finished goods