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Economic growth may be defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. The real output is the real value of products produced in a production process and when we subtract the real input from the real output we get the real income.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
Mass production, also known as flow production, series production, series manufacture, or continuous production, is the production of substantial amounts of standardized products in a constant flow, including and especially on assembly lines. Together with job production and batch production, it is one of the three main production methods. [1]
A first possible distinction in production systems (technological classification) is between continuous process production and discrete part production (manufacturing). Process production means that the product undergoes physical-chemical transformations and lacks assembly operations, and therefore the original raw materials cannot easily be ...
N.G. Mankiw definition from the book Economics: Capital is the equipment and structures used to produce goods and services. Physical capital consists of man-made goods (or input into the process of production) that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital. [1]
The extent to which any one product is produced within any one factory is governed by transaction cost. Output within the factory : The output of any one work area within the factory is an input to the next work area in that factory according to the manufacturing process. For example, the output of cutting is an input to the bending room.
Continuous production is a flow production method used to manufacture, produce, or process materials without interruption.Continuous production is called a continuous process or a continuous flow process because the materials, either dry bulk or fluids that are being processed are continuously in motion, undergoing chemical reactions or subject to mechanical or heat treatment.
An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area. In one view, every economic system represents an attempt to solve three fundamental and interdependent problems: What goods and services shall be produced and in what quantities?