Unit 20. The Nature of Operations

Injir Och
Flashcards by Injir Och, updated more than 1 year ago


Flashcards on Unit 20. The Nature of Operations, created by Injir Och on 04/28/2016.

Resource summary

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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