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Description
Flashcards by Chuka Munkh-Achit, updated more than 1 year ago
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| Question | Answer |
| Added value | The difference between the cost of purchasing raw materials and the price the finished goods are sold for |
| Production | Converting inputs into outputs |
| The level of production | Number of units produced during a time of period |
| Productivity | The ratio of outputs to inputs during production, e.g. output per worker per time period |
| Efficiency | Producing output at the highest ratio of output to input |
| Effectiveness | Meeting the objectives of the enterprise by using inputs productively to meet customers' needs |
| Labour intensive | Involving a high level of labour input compared with capital equipment |
| Capital intensive | Involving a high quantity of capital equipment compared with labour input |
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