Topic for Today: Production!

Production is very important in businesses, especially in those in the secondary sector (in which they manufacture raw materials and produce goods and products). The BusinessDictionary.com defines it as:

"The processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange value."
(source: http://www.businessdictionary.com/definition/production.html#ixzz2E8SnXKgU)



These are some keywords from Complete Business Studies for Cambridge IGCSE and O Level textbook ( Brian Titley ,Chapter 3.2 Production): 

Production : "Using resources to provide goods and services to satisfy consumer needs and wants"
Productivity: "A measure of the efficiency of use of resources in a business by comparing the volume or value of output with resource inputs used in production."
Labour productivity: "Average output or revenue per employee"
Factor Substitution: "Replacing one factor of production with another in a production process. For example, advanced capital equipment has replaced labour in many modern production processes."


Works Cited:
Titley, Brian. "3.1 Production (operations Management) Decision Making." Complete Business Studies for Cambridge IGCSE and O Level. Oxford: Oxford UP, 2011. 263-96. Print.
WebFinance, Inc. "Production." What Is ? Definition and Meaning. WebFinance, Inc., n.d. Web. 05 Dec. 2012.