BASIC CONCEPT ECONOMY MANUFACTURING

"The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications."

The above statement refer to:

• Manufactturing economy

• Manufacturing

• Production

• operation

Which of the following NOT explain the three main key point to define the manufacturing.

• Making Something

• Making money (profit) on what you make

• Making less for economic purpose

• Making a lot of them

Manufacturing costs represent ........................ the expenses necessary to make the product. The cost sensitive to changes in production volume.

Production costs reflect ....................... of the expenses associated with a company conducting its business. Costs of production include many of the fixed and variable costs of operating a business.

Which of the following statement are TRUE to explain the economic efficiency

i. aims to minimize input.

ii. happens when the production cost of an output is as high as possible.

iii. mainly depends on the prices related to the factors of production

iv. aims to minimize costs

• i and ii

• ii, iii and iv

• iii and iv

• ii and iii

What the suitable answer for (A) and (B)

• A)Firm

  B) Good & services

• A) Household

  B) labor

• A) Bank

  B) Material

• A) Customer

  B) Machine

What the suitable answer for (C) ?

• Firm

• Factory

• Household

• Buyer

............................. is the amount of the good that is being sold onto the market by producers

• Demand

• Material cost

• Supply

• Stock

The following statement are explain the DEMAND except:

• Willingness to buy

• Buyer perspective

• Demand increases, supply decreases

• Determined by production cost

Give One (1) factor affecting the supply