POB 4.03 Quiz

What is the economic process or activity of producing goods and services?

• Production

• Scarcity

What is the usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer?

• Factors of Production

• Form Utility

The concept of production is to

• Allows businesses to turn out the maximum number of products at the lowest cost

• physical transformation of intangibles

The production activities include

• Planning, Purchasing, Production, Scheduling, Data, Follow-up

• Planning, Purchasing, Production, Scheduling, Dispatching, Follow-up

Entrepreneurship is using/combine _____________ resources to create a new product or services

• Factors of Production

• Natural resources

What production activity evaluates products to make sure that the products the business produces meet certain quality standards?

• follow-up

• automation

What is one of the most important components of the production process?

• new technology

• human resources

Jessie is designing a new style of bracelet to sell at school to raise money for FBLA. She has sold so many bracelets that she has assigned other members of FBLA to assist her in making the bracelets. Which production activity step is this?

• dispatching

• purchasing

Why is it important for employees to follow instructions when using equipment and machinery?

• to minimize loss

• to increase output

Which of the following is not one of the factors of production

• Natural resources

• Capital resources

• Human resources

• General resources