Efficiency
- Created by: Izzie
- Created on: 16-05-17 12:42
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- Efficiency
- Operations management involves combining the 4 factors of production or resource inputs
- Land
- Labour
- Capital
- Enterprise
- Optimal resource mix is the best way of combining production factors to meet requirements within financial constraints
- Capital Intensive
- Uses high proportion of capital (machinery) in production
- Tends to occur in secondary sector of economy (e.g. manufacturing)
- Labour Intensive
- Uses high proportion of labour (workers)
- Tends to occur i tertiary sector of economy (e.g. services)
- Operations management involves combining the 4 factors of production or resource inputs
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