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Description
Flashcards by Student, Anastasia Emelyanova, updated more than 1 year ago
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Created by Student, Anastasia Emelyanova
about 9 years ago
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| Question | Answer |
| The economic problem | There exist unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity. |
| Factors of production | These are those resources needed to produce goods and services. Land, Labour, Capital and Enterprise. |
| Opportunity Cost | Is the next best alternative given up by choosing another item. |
| Accountants | The professionally qualified people who have responsibility for keeping accurate accounts and for producing the final accounts. |
| Accounts | The financial records of a firm's transactions. |
| Added Value | The difference between the selling price of a product and the cost of bought in materials and components. |
| Agent | An independent person or business which is appointed |
| Return on capital employed | This result could show the efficiency of a business. If the result rises, the managers are becoming more successful. |
| Market Share | The percentage of total market sales achived by one brand or business. |
| Productivity | The output measured against the inputs used to create it. |
| Lean Production | is a term for those techniques used by businesses to cut down on waste and therefore increase efficiency, for example, by reducing the time it takes for a product to be developed and become available for sale. Cutting down things like - overproduction, transportation, waiting, unnecessary inventory, defects, over-processing, motion. |
| Benefits of purchasing in bulk | Purchasing economies of scale [resources will be cheaper] • Materials always available when needed [no delays] • Little chance of stock outs [running out of stock] • Saves on delivery costs |
| Flow Production | This is where large quantitates of a product are produced in a continues process. It is sometimes referred to as a mass production. |
| Features of Flow Production | Associated with large volumes of output [k] so economies of scale possible [an] • Similar or identical products produced [k] because all products go through the same processes [an] • Allows division of labour [k] so more efficient [an] • Continuous movement of goods along a production line [k] so output is faster [an] • Capital intensive [k] so high fixed costs [an] • Fast method of production [k] |
| Quality Control | The checking for quality at the end of the production process, whether it is the production of a product or service. |
| Autocratic leader | Autocratic leadership is a form of management where one leader typically has complete control over a work area or project. In a small business environment, the owner may implement this form of leadership when the operation is relatively small and he has a limited number of employees. |
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