Production 0.0 / 5 ? Business StudiesProductionGCSEOther Created by: Micah25Created on: 04-02-19 00:08 Production Is the process of converting raw into a finish product or service. 1 of 17 Raw Material The input to the production process. Input-Processes-Outputs 2 of 17 Factors of Production Capital, Labour, Land 3 of 17 Capital Is the finances required to operate a business 4 of 17 Two Types of Capital Fixed Capital, Working Capital 5 of 17 Examples of Fixed Capital Infrastructure and Equipment 6 of 17 Examples of Working Capital Loans, Shares, Personal Income 7 of 17 Labour Is the physical and mental contribution to create a good or service. 8 of 17 Four Types of Labour Unskilled, Semi-Skilled, Skilled, Managerial 9 of 17 Land Is concerned with the location for the business' production or operations 10 of 17 "Brick & Mortar" Close Proximity to Suplliers- Costs- Customer Preferences- Densely Populated Areas 11 of 17 Entrepreneurship Is the process of assembling all the factors of production 12 of 17 Entrepreneurship concerned Leadership, Establishing Standards and Value as well as Culture 13 of 17 Productivity Is the rate that factors of production are being utilised 14 of 17 High Productivity Leads to a reduction in production or operation costs 15 of 17 Specialisation Is the process of concentrating on a particular task 16 of 17 Advantages of Specialisation Productivity Increases, Costs per Unit Decreases 17 of 17
Comments
No comments have yet been made