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Production
The process of transforming raw materials into goods or services.
Productivity
A measure of output produced from a given level of input, calculated as quantity of output/quantity of input.
Factors of Production
Include Land (natural resources), Labor (physical and mental contributions), Capital (man-made items), and Enterprise (bringing factors together for profit).
Types of Capital
Fixed (durable equipment), Working (for daily operations), Venture (funds for startups).
Methods of Production
Job, Batch, Flow, Lean production methods.
Types of Production
Extractive (obtaining raw materials), Construction, Manufacturing, Service industries.
Levels of Production
Subsistence, Domestic Consumption, Surplus, Export.
Economies of Scale
Advantages of larger businesses in producing more at lower unit costs.
Diseconomies of Scale
Result in higher unit costs with increasing output or sales.
Cottage Industry
Small-scale industry in homes using local materials.
Small Businesses
Play a vital role in employment, services, and niche markets.
Growth
Internal (new products, more sales) and External (mergers, joint ventures) growth types.
Linkage Industry
Connected to other industries providing supplies or markets for products.
Note 
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