Craft production - ANSWER highly skilled workers using simple, flexible tools to
produce small qualities of customized goods
Division of labour - ANSWER breaking up a production process into small tasks so that
each worker performs a small portion of the overall job
E-commerce - ANSWER use of the internet to buy and sell goods and services
Effectiveness - ANSWER operating at minimum cost and time
Efficiency - ANSWER achieving quality and timeliness
Interchangeable parts - ANSWER parts of a product made to such precision that they
do not have to be custom fitted
Lead time - ANSWER the time between ordering a good or service and receiving it
Lean production - ANSWER system that uses minimal amounts of resources to
produce a high volume of high-quality goods with some variety
Mass production - ANSWER system in which lower-skilled workers use specialized
machinery to produce high volume of standardized goods
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produce small qualities of customized goods
Division of labour - ANSWER breaking up a production process into small tasks so that
each worker performs a small portion of the overall job
E-commerce - ANSWER use of the internet to buy and sell goods and services
Effectiveness - ANSWER operating at minimum cost and time
Efficiency - ANSWER achieving quality and timeliness
Interchangeable parts - ANSWER parts of a product made to such precision that they
do not have to be custom fitted
Lead time - ANSWER the time between ordering a good or service and receiving it
Lean production - ANSWER system that uses minimal amounts of resources to
produce a high volume of high-quality goods with some variety
Mass production - ANSWER system in which lower-skilled workers use specialized
machinery to produce high volume of standardized goods
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