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4.1 Production of Goods + Services (1. Lean Production (Types of Waste (…
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:!: Inputs (economic resources) include land, labour, capital, enterprise.
:warning: It is the output of a business, NOT Productivity
:pencil2: How a business can measure its efficiency. The output measured against inputs used to create it.
:star: Stock levels must be carefully controlled to ensure that there is always enough stock to satisfy demands
:pencil2: (A philosophy) Techniques used by businesses to cut down on waste and therefore increase efficiency
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:pencil2: Reduces/virtually eliminates the need to hold inventories (raw materials, unsold goods). Supplies arrive at the time they are needed
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:pencil2: Where a quantity of one product is made, then a quantity of another item is made
:pencil2: Where a large quantity of a product are produced in a continuous process. Aka. Mass production
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:red_cross: Nature/type of the product
:red_cross: Size of the Market
:red_cross: Demand of product
:red_cross: Size of the business