Upgrade to remove ads
Only $35.99/year

Production

Terms in this set (12)

factors of production
an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit
land
includes any natural resource used to produce goods and services
labour
all the physical and mental work needed to produce goods and services
capital
the machinery, tools and buildings humans use to produce goods and services
entrepreneurs
individuals who take an idea and combine all other factors of production in order to make a profit
the production process
concerned with transforming a range of inputs into those outputs that are required by the market
transforming resources
include the buildings, machinery, computers, and people that carry out the processes
transformed resources
the raw materials and components that are turned into end products
quality control
Assures that a single product has the same quality of the rest that are being manufactured
division of labour
occurs when workers are assigned specific tasks within a production process
knowledge
framed experience, values, contextual information, and expert insight that provides a framework for evaluating and incorporating new experiences and information
quality culture program
a set of measures built into the production process to ensure products/services meet certain standards and performance requirements
Sets with similar terms