Tag: production
-
Batch production
The products are produced in batches or sections 2 or more similar products are in the making process, but they are not completely finished Production process does not continue until the whole batch is completed
-
Methods of production
Job production Batch production Flow production
-
Factors that increase productivity
Higher rewards given to employees Friendly workplace environment New tasks given to employees
-
Difference between production and productivity
Production is number of goods made Productivity is the number of goods produced divided by employees Eg. Business A produced 40 chairs with 5 employees Production: 40 chairs Productivity: 40chairs/5 employees= 8
-
Tertiary production
Tertiary production Tertiary sector is the service industry which only provides services to its customers. Examples: Banking Haircutting Teaching
-
Secondary production
Secondary production Secondary sector converts the primary goods into manufactured goods The secondary sector of the economy manufactures finished goods. Examples: Construction Textile production Processing
-
3 branches of production
Branches of production Primary production Secondary production Tertiary production
-
The chain of production
Chain of production The chain of production involves a series of stages, which add value to the end product Production chain is the steps taken to convert raw materials into goods Primary, Secondary and Tertiary
-
Importance of production
Importance of production Definition: Creation of value Goods and services are produced to satisfy needs and wants of the people
-
Demand for factors of production
What determines the demand for factors of production The following factors determine the demand for factors of production: – Consumer- entrepreneurs produce the products which consumers want – Productivity – Cost