| A | B |
|---|
| Production | The economic process or activity of producing goods and services |
| Scarcity | A condition resulting from the gap between unlimited wants for goods and services and limited resources. |
| Factors of production | Productive resources; human and natural resources and capital goods |
| Natural resources | Any resource found in nature that is used to produce goods and services |
| Human (Labor) resources | People who work to produce goods and services. |
| Capital goods | Manufactured or constructed items (tools, buildings, equipment) that are used in the production of goods and services |
| Entrepreneurship | using/combine Factors of Production resources to create a new product or services |
| Planning | determining how products will be produced and how much of the product to produce. |
| Purchasing | buying the resources needed |
| Production process | the way in which production will be carried out. |
| Scheduling | determining the time table to follow in production |
| Dispatching | issuing orders for production to begins |
| Follow-up | make sure products meet standard and are completed according to plan |
