Unit 4 Vocab

3. materials and goods held by a business
8. producing output at the highest ratio of output to input
15. involving a high quantity of capital equipment compared with labor input
16. the proportion of maximum output capacity currently being achieved
17. the network of all the businesses and activities involved in creating a product for sale
19. using another business to undertake a part of the production process

1. the production of a one off item specially designed for the customer
2. the intangible capital of a business that includes human structural and relational capital
4. minimum inventory level that should be held to ensure that continuous production
5. the process that transforms inputs into outputs
6. the production of items in a continually moving process
7. the time between ordering new supplies and their delivery
9. meeting the objectives of the business by using inputs productively to meet customer needs
10. reducing capacity by closing factories/production units
11. the number of units produced during a time period
12. the process of ordering storing and using a company's inventory
13. when demand for a business's products exceeds production capacity
14. the production of a limited number of identical products
18. the process that transforms inputs to outputs