| Term | Definition |
|---|
| Production | the output of good and services |
| Productivity | the rate of output or the realtionship between output an inputs |
| Diversification | Increasing the rate or variety, such as when the firms takes over the another firm in an unrelated industry and develop into and industrial combine or congolomerate |
| Horizontal integartion | Firms join at the same stage of prioduction in the same indusrty for example McDonalds taking over the KFC's |
| Specialisation | a worker, a region or a country concentrates on the production of one type of output and become skillfull in the job |
| Division of Labour | spitting out a specialist job onto a number of seperate tasks each beig handled by an individual worker . perhaps on a production line |
| Renewable Resources | resources that can be natuarally regenerated(grow again) eg native forest |
| Capital Resources | input of an human made resources such as machinery, equipment and inventories |
| Human Resources | workers used in the production process. the labour force includes those eligible to work. |
| Economics of Scale | Economics of scale are the saving on the large scale production |
| Dis-Economics of Scale | occurs qwhen a firm expands beyond the level of otuput called a technical optimum |
| Integration | Involves firsm buying or merging with other firms |
| Technology | refers to the methods and the types of capital resources used i the production. A firm ca improve technology through Research and Development(R&D) |
Combine with other sets
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