A293 - BUSINESS

Abbie Firmin
Flashcards by Abbie Firmin, updated more than 1 year ago
Abbie Firmin
Created by Abbie Firmin almost 6 years ago
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Flashcards on A293 - BUSINESS, created by Abbie Firmin on 12/12/2014.

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Question Answer
What are the different types of production? Job, Flow/Mass and Batch.
What is Job Production? Job Production is when you make one product at a time. Used for individual/unique products. When work on one product is finished, work on another can begin. Job Production makes it easier to design a product, but is expensive. and higher skills are required.
What is Flow/Mass Production? Flow/Mass Production is when you produce as many identical products as you can in one go. Used for mass market products. Usually highly automated. Production is continuous - no stoppages. Can sell products at competitive prices, but machinery can break down.
What is Batch Production? Batch Production is a combination of flow and job production. You make a limited number of one identical product, stop, reorganise and make a batch of something else. Less waste than job production, but requires good management skills and equipment.
What is Value Added? As raw materials (primary sector) are then made into finished goods (secondary sector), the secondary business is 'adding value' to the original raw material. More value is added when in the tertiary sector. For example; customers are more likely to pay higher prices at M&S than ASDA because of better quality products.
What technology is used in production? Robotics, Automation and Design Technology.
Advantages and Disadvantages of Robotics? Advantages: Produce rate is increased, automated robots can improve quality of products. Disadvantages: Expensive, employees will need a lot of training to know how to work them.
Advantages and Disadvantages of Automation? Advantages: Creates large quantities of products, cuts costs, minimises errors, happy employees, less work for employees and saves space. Disadvantages: Can cause un-employment, security threats and less need for manual labour.
Advantages and Disadvantages of Design Technology? Advantages: Reduces cost, computerised designs, design new products, variation in colours, product can be modified easily. Disadvantages: Can be costly (£5000 - £7000), made people jobless, lots of training needed, qualifications needed.
What is quality in a product? Quality is achieving a minimum standard for a product or service, or a production process, which meets a customers needs.
What is quality control? Ensuring that a products or service meets minimum standards, often through testing of sample products once they have been made.
What is quality assurance? Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility or every worker.
What are the two types of economies of scale? Internal and External.
What is Internal economies of scale? Internal economies of scale means that as a business grows, it's costs will fall due to internal economies of scale. An ability to produce units of output more cheaply.
What is External economies of scale? External economies of scale means that those shared by a number of businesses in the same industry in a particular area.
What is Total Quality Management (TQM)? 'TQM' is an "attitude". The whole business has to understand need for quality and seeks to achieve it. Everyone in work-force is concerned with quality at every stage of production process. Quality is checked by workers; not inspectors.
What is efficiency? Efficiency is the accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort. Adequate to accomplish a purpose; producing the intended or expected results.
What is internal finance? A quick and easy way to solve short-term financial problems for most firms. It saves a business from borrowing from a lender and having to pay back interest.
What is external finance? External finance is used for daily expenses. It is sourced from an overdraft and is usually repaid in a year.
What is sale of assets? Sale of assets is a one-off way to raise money, generally used during financial struggles.
What is revenue? Revenue is the amount of money a business receives by selling what it produces.
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