Untitled Flashcards Set

Assembly line

A production method in which the product moves past workers who each do one assigned production task.

Automation

A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor.

Batch production

The production of items in specific amounts, or batches.

Capital

Assets of a business.

Capital goods

Manufactured or constructed items that are used to produce goods and services.

Capital-intensive process

A conversion process that depends on the use of equipment.

Consumer goods

Tangible items produced for personal use.

Continuous production process

A production process that turns out products without stopping.

Conversion process

The process of turning economic resources into products.

Crowdfunding

The process of raising funds from a large group of people, usually via the internet.

Dispatching

Issuing orders for production to start.

Factors of production

Productive resources; human and natural resources and capital goods; also known as economic resources.

Financial capital

Money needed to operate a business.

Form utility

Usefulness created by altering or changing the form, shape, or look of a good to make it more useful or attractive to the end user.

Goods

Tangible objects that can be manufactured or produced for resale.

Human resources

People who work to produce goods and services.

Industrial goods

Tangible items that will be consumed by industrial users.

Inputs

The specific economic resources used in producing goods and services.

Intangible

Not having a physical presence.

Intermittent production process

A production process in which production periodically stops and restarts.

International Organization for Standardization (ISO)

A nongovernmental organization that develops and publishes standards for business, government, and society.

Labor-intensive process

A production process that relies heavily on the skills of workers.

Mass production

The rapid production of large quantities of a product.

Natural resources

Items that are found in nature and used to produce goods and services.

Outputs

The goods and services produced as the result of combining inputs.

Production

The economic process or activity of producing goods and services.

Production planning

Determining how products will be produced and in what amounts.

Production process

The way in which production is carried out.

Purchasing

Buying the resources needed for production.

Robotics

A mass production technique in which robots carry out the repetitive tasks that workers would find monotonous and tiring.

Routing

The activity that determines the sequence of the steps for production.

Scheduling

The activity that establishes the timetable to be followed in production.

Services

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.

Tangible

Capable of being touched, smelled, tasted, seen, or heard; physical.

Unit production

The production of one item at a time or items in small quantities.