October 12, 2022
Quiz for the Midterm
1.) In what way does the organization of production which involves the coordination
and implementation of the processes especially on the side of the quatity control
of the product? (20 points)
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With regards to the organization’s contribution or role in the quantity control of
the product, we have this process called Supply Chain Management where it is
responsible for monitoring the entire production process of a good or service.
From finding raw materials to finished goods, they can control the quality and the
quantity of the product to avoid waste of resources. For a product to have high
quality and affordability, it must establish thorough planning, implementation, and
coordination with regard to the different areas of production. In that way, they can
also initiate to their partners and suppliers on their feedback to take actions for
improvement. Furthermore, it is a need to monitor the product’s quality and
quantity control so that the process of distributing and the number of orders will
be determined easily – we know how much or when to have mass production.
2.) Cite and example like how to produce a product that starts from its operations of
production, marketing, transporting of goods to the customers. (20 points)
- An example of this is producing a cellphone, it starts from the production process
where they will take a large handheld phone with WiFi or cell signal having a 4G
or 5G connection. The price would be up to $99 and whenever you want to have
an upgraded one, the memory will also be upgraded. So the price would be
$199. And it has no monthly contract which means you have to pay as you model
the phone Plus, it has a free case and charger. With regard to the transportation
of goods, they will be distributed to their physical store at Walgreens, CVS, or
Walmart. The customer can go through email for easier access to buying the
phone. Lastly, the market will be done by Facebook Ads, Magazine ads such as
Better Homes & Garden, Victoria Magazine, etc.
3.) Differentiate between the physical and mental effort of human beings that
undertakes the production process. (20 points)
- When it comes to physical and mental effort in terms of the production
process, they differ from one another since in human’s mental effort, there
is a need to acquire perception, cognition, and action which equates to
operationalize and measure one’s effort to avoid mental faitgue in the
decision-making process. When we undergo production process, we are
also using our minds as decision-makers to the tasks we need to
accomplish. Thus, we should always monitor or mental workload to the
information we are getting. On the other hand, physical effort of an
individual differs from mental in the production process since first and
foremost, one investment that a business should have is the labor – which
pertains to the human workforce. An organization is in dire need of labor
for workers are essential for the production process. Workers uses their
physical abilities through the utilization of tools and equipment to make the
work faster and more efficient. It would turn inputs into outputs.It also
increases economic growth since if we have workers, we can produce
more goods and services with the same amount of materials. Then,
increased productivity is to higer profit and opportunity for more
investment in the long run.
4.) Explain further of how wealth can be used in the production as the equipment
and intermediary goods. (20 points)
- Wealth can be used in the production as the primary equipment for
allocation of resources and other factors like wages of the workers and
investments in the business. To be able to produce such Intermediary
goods, we should always consider capital since it makes all factors of
production work at one place. If we have wealth, we can also generate
wealth more than it has being invested. How the productive assets are
used will in return has a benefit from the wealth we have kept. Also, it
reduces the debt that a business has .
5.) Using the inputs that includes land, labor, capital, and entrepreneurship produced
the outputs of cars, houses, foods, and computers in the same production function in
how it evolves? (20 points)
- These main inputs would create high-quality products in the long run as it began
to evolve. Firstly, Land as a huge input to any business can make various
infrastructures and buildings. For instance, from Agricultural land, entrepreneurs
can use it as Commercial Real Estate. Next, Labor as an another major input
may bring a product or service to the market at any stake. Since labor creates
faster and efficient labor force of production to be delivered on time and in bulk, it
can help their business to grow more and produce more. For instance, a
construction company has its Construction workers to build or rennovate a hotel
site. Another thing is a waiter who serves guests. Next one is Capital where it
refers to money. it enables the business to purchase their needed raw materials
or acquire land or pay their workers. To utilize capital well, one must consider
personal assets from company’s assets – it needs to be separated from the
budget to avoid shortage of capital. Lastly, Entrepreneurship where it involves the
use of social media. Through this, we can make pages, ads, and other
promotional strategies for our business to boost or to be known at the majority.
For instance, through Entrepreneurship, there is Facebook which is one of the
apps that people are using almost every day. We can also post anything we like
there for people across borders to see.