Production Decisions (HSC SSCE Economics): Flashcards
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Practise the cards
10 cards from this deck
Three critical production decisions
Three critical production decisions
What to produce, how much to produce, how to produce
Niche market definition
Niche market definition
Market segment defined by specific tastes/characteristics of customers
Capital in economics
Capital in economics
Manufactured products used to produce goods/services
Depreciation
Depreciation
Value reduction of capital goods through wear/obsolescence
Four factors of production
Four factors of production
Natural resources, labour, capital, enterprise
Key factor in deciding what to produce
Key factor in deciding what to produce
Skills/experience of business operator
Consequence of overproduction
Consequence of overproduction
Leads to spoilage and waste
Consequence of underproduction
Consequence of underproduction
Damages customer relationships and reputation
Sharing economy concept
Sharing economy concept
Platforms connecting asset owners with users needing temporary access
How labour productivity improves
How labour productivity improves
Investment in education and training