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Unit 2 - production, productivity and efficiency :star: - Coggle Diagram
Unit 2 - production, productivity and efficiency :star:
Methods of production
Job = a method of production that involves employing all factors to complete one unit of output at a time
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Batch = a method that involves completing one operation at a time on all units before performing the next.
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:check: production is flexible since different orders can be made, and more use of machinery is made
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Flow = where each operation on a unit is performed continuously one after the other, usually on a production line
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Distinction between Labour and capital intensive production= Labour uses a larger proportion fo about than capital. Capital involve more machinery relative to labour. As a firm grows, it tends to employ more capital relative to labour.
Competitive advantage from short product lead- in- times (reduce the amount of time it takes to develop and launch a product)=
- can make a lasting impression on customers, which improves brand recognition
- may charge premium prices by exploiting early adopters in the market.
- may be able to control resources in the industry.