Flashcards
Unit 20. The Nature of Operations
Cards in this deck (8)
- 1Added valueThe difference between the cost of purchasing raw materials and the price the finished goods are sold for
- 2ProductionConverting inputs into outputs
- 3The level of productionNumber of units produced during a time of period
- 4ProductivityThe ratio of outputs to inputs during production, e.g. output per worker per time period
- 5EfficiencyProducing output at the highest ratio of output to input
- 6EffectivenessMeeting the objectives of the enterprise by using inputs productively to meet customers' needs
- 7Labour intensiveInvolving a high level of labour input compared with capital equipment
- 8Capital intensiveInvolving a high quantity of capital equipment compared with labour input
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- Flashcards on Unit 20. The Nature of Operations, created by Injir Och on 28/04/2016.
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- Injir Och
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