10 Questions
What is considered a raw material in the production process?
Natural resources
Which of the following is an example of labor-saving technique mentioned in the text?
Outsourcing tasks to another company
In terms of production, which of the following is considered an ingredient?
Wheat + flour = bread
What type of raw material does not become a part of the finished product but is used in the creation process?
Supplies
Which of the following activities can help a business save on labor costs?
Automating tasks
What action would be classified as outsourcing in terms of labor?
Hiring another company to perform specific tasks
Which of the following primary industries supplies natural resources?
Agriculture and mining
What is the primary role of labor in the production process?
Produce goods and services through physical or mental work
What is the main difference between ingredients and supplies in production?
Ingredients become part of the finished product, while supplies do not.
How does outsourcing contribute to cost-saving in production?
By hiring another company to perform specific tasks
Learn about the importance of increasing productivity to achieve higher profits, which is mainly influenced by demand. Discover the key elements of improving productivity such as maintaining quality, increasing speed, providing training to employees, and making capital investments.
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