The assortment or selection of items that a business has on hand at a particular point in time.

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Chapter 8 Production of Goods Study Guide
Is the assortment or collection of items that a business has on hand at a particular time?
Is a working model of a new product for testing purposes?
When a business has no competition and controls all the supply and demand for the product or service it sells?
What are businesses that use supplies from other producers to make products?

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Chapter 8 Production of Goods Study Guide

Term	Definition
operations management	The area of management responsible for the activities necessary to produce goods and services.
Utility	Describes the characteristics of a product that satisfy wants and needs.
productivity	The measure of a worker’s production in a specific amount of time is
custom manufacturing	Converting resources to a product that fits the specifications of a particular customer.
production process	All the activities required to create a product.
Work in process inventory	Consists of products that are partially converted.
perpetual	inventory-control system is a method of counting inventory that shows the quantity on hand at all times.
inventory shrinkage	The difference between the perpetual inventory and the physical inventory.
prototype	A working model of a new product for testing purposes.
trade show	A large gathering of businesses for the purpose of displaying goods and services for sale.
division of labor	Specialization of individuals who perform specific tasks.
finished goods inventory	Assortment or selection of finished items for sale that a business has in stock.
brand	Name, term, or design that sets a product or business apart from its competition.
image	Idea that people have about someone or something.
direct materials inventory	Raw materials needed to produce a finished product.
materials processing	Changing the form of raw materials for another use.
new product	Product that is different in some way from existing products.
repositioning	Marketing an existing product in a new way.
sourcing	Finding suppliers of materials needed for the production of a product.
repackaging	Using new packaging on an existing product.
test marketing	Introducing a new product to a small portion of the target market to learn how it will sell.
conversion	The process of changing and improving resources to create goods or services.
mass production	Manufacturing goods in large quantities using standard techniques.
supplier	Business that sells materials, supplies, or services to an organization that creates product.
inventory	The assortment or selection of items that a business has on hand at a particular point in time.
product planning	The process of deciding which products will be most strategic for the organization to produce.
production	Includes any activity related to making a product.
business purchasing	The activity of acquiring materials, supplies, or services necessary to create a product.
trial run	Used to test a new service.

Is the assortment or collection of items that a business has on hand at a particular time?

Chapter 8 Production of Goods Study Guide.

Is a working model of a new product for testing purposes?

A prototype is an actual working model of a product that shows exactly how the product will function in terms of mechanics, design, user experience, and so on. While a proof of concept simply tests the viability of a new idea, prototypes show exactly how that idea can happen.

When a business has no competition and controls all the supply and demand for the product or service it sells?

A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.

What are businesses that use supplies from other producers to make products?

POBF Chapter 5 Vocabulary.

The assortment or selection of items that a business has on hand at a particular point in time.

Chapter 8 Production of Goods Study Guide

Is the assortment or collection of items that a business has on hand at a particular time?

Is a working model of a new product for testing purposes?

When a business has no competition and controls all the supply and demand for the product or service it sells?

What are businesses that use supplies from other producers to make products?

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