Entrepreneurship Lesson 4.05 Review

What is production?

• The selection of inputs for making outputs

• The creation of goods and services from economic resources

• The conversion process that results in a time utility

• The process of assembling the factors of production

Which of the following is an example of production?

• Answering your cell phone

• Purchasing food items

• Reading a new novel

• Providing home security

What kind of conversion process is being used in an automated assembly line that produces soft drinks?

• Batch

• Capital-intensive

• Unit

• Labor-intensive

Which of the following outputs is considered an industrial good?

• A freezer purchased by a restaurant owner

• A gallon of milk purchased by a college student

• A textbook purchased by a college student

• A sewing machine purchased for home use

Which of the following is a true statement about production activities?

• Most are considered difficult tasks

• They vary depending on the product being created

• They are not necessary for the success of the business

• They rely solely on capital resources

Which production activity is used to obtain all the resources needed for production to take place?

• Routing

• Purchasing

• Dispatching

• Scheduling

What type of production would most likely be used to produce prescription glasses?

• Unit

• Batch

• Robotic

• Mass

Which of the following is a characteristic of mass production?

• It is considered inefficient

• It often uses assembly lines

• It produces one-of-a-kind items

• It is primarily used for small quantities

Which production activity issues work orders telling employees what their job assignments are?

• Routing

• Dispatching

• Scheduling

• Follow-up

Which of the following is not a basic category of inputs?

• Human Resources

• Crowdfunding

• Capital Goods

• Natural Resources