Section 4 – Missing letters

The process of converting inputs into outputs............................

Raw materials are an example of this type of cost.

Locating close to suppliers reduces these costs.

Abbreviation for computer aided manufacturing

These production methods aim to reduce waste

This is a type of economy of scale which involves the use of machinery.

This could be a problem when entering foreign markets

Abbreviation for a method which might be used to remove the need to hold inventories

This describes the greater use of machinery in the production process

This happens when revenue exactly equals total costs.