Business studies key words unit 3 [so far] 0.0 / 5 ? Business StudiesKey wordsGCSEOCR Created by: KaiahCreated on: 09-11-15 19:51 The method of production, where products are made individually. Job production 1 of 28 The method of production where one product is made and then production is switched to a different product. Batch production 2 of 28 Production of one product takes place continuously using a production line. This is sometimes called 'mass production'. Flow production 3 of 28 Occurs in production processes where workers specialise in carrying out one or several related, but simple, production tasks. Specialisation of labour 4 of 28 Usually an automated process suited to the large-scale manufacture of products. Process production 5 of 28 Computer aided design- this involves the use of computers to design products. CAD 6 of 28 Computer aided manufacture- this is where the machines used to make the product are controlled by computer. CAM 7 of 28 Computer integrated manufacture- this is where the whole factory is controlled by computer. CIM 8 of 28 A production system which helps ensure that waste is kept to a minimum. Lean production 9 of 28 A system of checking the quality of finished goods. Quality control 10 of 28 Total quality management- The process where all workers are responsible for quality throughout the process of production. TQM 11 of 28 Income from sales of goods and services minus the cost of things such as returned equipment. Sales revenue 12 of 28 The amount of money that a business receives from selling what it produces or provides. Sales turnover 13 of 28 Those costs that do not change as the business changes the amount it produces. Fixed costs 14 of 28 Those costs that rise as the business increases production and fall when it reduces production. Variable costs 15 of 28 The fixed and variable costs of a particular level of production added together. Total costs 16 of 28 The cost of each unit produced or provided. Average costs 17 of 28 Reach a point in the business venture when the profits are equal to the costs. Break even 18 of 28 A prediction about the break even level of output based on estimates of future sales revenues and costs. Break even formula 19 of 28 The amount by which a business actual output is greater than it's break even output. Margin of safety 20 of 28 When a business increases it's scale of production, which leads to a fall in the average costs of production. Economies of scale 21 of 28 A business saves on production costs by using better methods and equipment. Technical economies 22 of 28 A business can employ specialist managers who improve efficiency. Managerial economies 23 of 28 A business does not have to pay out as much money to raise the finance. Financial economies 24 of 28 A business has a range of products or services, so is not dependent on one product. Risk-bearing economies 25 of 28 A business is given a discount for buying in large quantities. Purchasing economies 26 of 28 A business saves on advertising and transport costs. Marketing economies 27 of 28 When the average cost of production rises as the scale of production is increade Diseconomies od scale 28 of 28
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