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