producing goods and services 0.0 / 5 ? Business StudiesOperations managementGCSEWJEC Created by: amylingCreated on: 23-05-16 20:26 waht are goods? physical products 1 of 35 what are services? non-physical products 2 of 35 what are the 2 main types of goods consumer and producer goods 3 of 35 outline production to produce anything a business has to use resources that consists of ; land+labour+capital=product 4 of 35 what are direct services services that are offered to people eg. hairdressing 5 of 35 what are commercial services? services that are offered to businesses eg. business insurance 6 of 35 what is the primary stage of production its the 1st stage, this sector produces raw materials for other businesses to use 7 of 35 what is the secondary stage of production? the second satge of production, where raw materials are manufactured 8 of 35 what is the tertiary stage? lat stage of production, providing of a service to its customers 9 of 35 what does interdependance? relationship when each member is equally dependent on others 10 of 35 what is speacilisation when a business is in one particular sector and often specialise in just one area 11 of 35 what is added value a the product moves up the chain of prodution it increases in value 12 of 35 what is job production? one thing at a time, when one product finishes another can begin 13 of 35 what is batch production? make a limited number of identical product then stop and re organise and make a batch of something else 14 of 35 what is mass production as many as possible of an identical product, usually highly automated 15 of 35 what is JIT just in time stock control, stock is ordered just before it is needed 16 of 35 what is bench marking comparing the performance of one business or one factory with another and in particular the best in the world 17 of 35 what is diversification? it involves producing a different range of goods that may appeal to similar or totally different markets 18 of 35 why do businesses diversify increase sales from different products, gretaer profits, bigger repuation 19 of 35 what is internal growth expands an existing business 20 of 35 advanatages of internal gowth more profit/increasing sales, increase market shares, less risky, control growth 21 of 35 disadvantages of internal growth less customer satisiafcation, hire more employees, slow growth 22 of 35 what is sales revenue? the money value of the sale of products by a business 23 of 35 what are fixed costs costs which remain the same and do not change with output 24 of 35 what are variable costs? costs which vary with directly with the output of the business 25 of 35 what are total costs the sum of fixed costs and varibale costs 26 of 35 what is break even the point where total revenue = total costs 27 of 35 what are imports? goods and services brought from abroad with payments flowing out to foreign producers 28 of 35 what are exports? goods or services being sold to a foreign country with payments flowing into the country 29 of 35 what is international trade the process of importing and exporting goods? 30 of 35 what is a balnace of payments? records all trades between one country and all other countires, it considers the trade in goods, trade in services 31 of 35 what is payment deficits? where more is imported than exported 32 of 35 what is globalisation the process by whic business activities in different countries are becoming more and more connected to each other 33 of 35 benefits of being in the eu bigger market, common standards, free trade, free movemnet of goods, freedom of workers 34 of 35 problems of the eu environmental standards, a bigger marker, socail charter 35 of 35
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