Manufacturing - Making products to be sold for profit.
Transcript of Manufacturing - Making products to be sold for profit.
Business Ownership Before we can talk about business
ownership we need to define the word
Capital: Capital – Money, buildings, machinery
and investments that are used to make products or services
Business Ownership Sole Proprietorship – business
owned by one person
Partnership – business owned by more than one person
Corporation – large number of people own a company
Types of production -
Craft or Cottage system – make products at home and take them to the marketplace
Mass Production - Assembly-line method – many people
work together doing different specialized jobs to produce one product
Concepts related to mass production - Interchangeable Parts – all parts are made
the same; they can be interchanged
Who was responsible for the concept of interchangeable parts?
Eli Whitney
What else is Eli Whitney known for inventing?
Cotton Gin
He was known for many other inventions as well?
Labor Specialization – each person has a specialized job to do
Time and motion analysis - studies are done to reduce wasteful practices
Free Enterprise – A political system that allows business to flourish with as little government control as possible
Natural Resources – Items taken from the earth, sea or air. Examples: oil, iron ore, cotton, wood, fruits, natural gas, oxygen
Durable Goods – Products that usually last at least three years. Examples: furniture, refrigerators, automobiles, bikes etc
Nondurable Goods – Products that usually last fewer than three years. Examples: clothing, food, toothpaste etc
Middle school romances
Now take the practice Quiz: www.quia.com/quiz/593377.html