keyterms unit 7 production

production

the process of converting inputs such as land, labour and capital into saleable goods, for example shoes and cell phones

inventories

the stock of raw materials, work-in-progress and finished goods held by a business

lean production

the production of goods and services with the minimum waste of resources.

job production 

the production of items one at a time

batch production

the production of goods in batches. Each batch passes through one stage of production before moving onto the next stage

flow production

the production of very large quantities of identical goods using a continuously moving process.

just-in-time (JIT) 

is a production method that involves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of the finished product