BUSINESS SECTION 5

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Production

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Description and Tags

Business

13 Terms

1

Production

The process of transforming raw materials into goods or services.

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2

Productivity

A measure of output produced from a given level of input, calculated as quantity of output/quantity of input.

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3

Factors of Production

Include Land (natural resources), Labor (physical and mental contributions), Capital (man-made items), and Enterprise (bringing factors together for profit).

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4

Types of Capital

Fixed (durable equipment), Working (for daily operations), Venture (funds for startups).

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5

Methods of Production

Job, Batch, Flow, Lean production methods.

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6

Types of Production

Extractive (obtaining raw materials), Construction, Manufacturing, Service industries.

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7

Levels of Production

Subsistence, Domestic Consumption, Surplus, Export.

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8

Economies of Scale

Advantages of larger businesses in producing more at lower unit costs.

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9

Diseconomies of Scale

Result in higher unit costs with increasing output or sales.

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10

Cottage Industry

Small-scale industry in homes using local materials.

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11

Small Businesses

Play a vital role in employment, services, and niche markets.

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12

Growth

Internal (new products, more sales) and External (mergers, joint ventures) growth types.

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13

Linkage Industry

Connected to other industries providing supplies or markets for products.

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