Duties Wholesale and manufacturing sales They contact customers, explain the features of the products they are selling, negotiate prices, and answer any questions that their customers may have about the products. Transportation is a process of production as well as being a factor input in the production function of firms, cities, states and the country. Since the primary purpose of economic activity is to produce utility for individuals, we count as production during a time period all activity which either creates utility during the period or which increases ability of the society to create utility in the future. Definition . A garbage truck driver is an example of which Factor of Production? 9th - 12th grade. Factors of Production DRAFT. A company has sales of $40,000 and COGS of $21,000 on their primary product during January. jgraybill. Transportation is produced from various services and is used in conjunction with other inputs to produce goods and services in the economy. 0. Edit. Prasit photo / Getty Images. a year ago. It is a tool that analysis the qualitative input – output relationship and also represents the technology of a firm or the economy as a whole. 3. Let us make an in-depth study of the meaning, definition, types and factors of production. Inventory control also helps the firm in tiding over the demand fluctuation. Transportation and Production . Economies of scale refer to the reduction in costs per unit of output as output increases and diseconomies of scale refers to the increase in average costs of production as output increases. Browse more Topics under Theory Of Production Played 178 times. 61% average accuracy. In this article, we will look at the meaning, explanation, stages, significance, and reasons behind the operation of the Law of Variable Proportions. 0. Edit. These are taken care of by keeping a safety stock by the firm. The Law of Variable Proportions or Returns to a Factor plays an important role in the study of the Theory of Production. Factors of Production DRAFT. E) is accurately described by all of the above. Let us see the features of labour as a factor of production. 16) Explain what is RMA? Social Studies. If a production method (net realizable value option) of accounting for by-products is used, the gross profit for the month would equal _____. 178 times. Sales representatives are the principal point of contact between a business and its customers. ... job security represents a hygiene factor. Inventory control aims at keeping the cost of maintaining safety stock minimum. Safety stock refers inventories carried to protect against variations in sales rate, production rate and procurement time. A product report is a general term used to represent design, manufacturing, quality, sales and repair information about a product. Wholesale and manufacturing sales representatives sell goods for wholesalers or manufacturers to businesses, government agencies, and other organizations. a year ago. RMA stands for Return Material Authorization; it is a financial and work order tracking used to determine a returned item’s origination. TRUE. It includes all types of human efforts - physical exertion, mental exercise, use of intellect etc. 61% average accuracy. Definition ... is most likely to be achieved by companies that have a production orientation. done in exchange for a reward. 9th - 12th grade . If labor (L) and capital (K) are only the input factors, the production function reduces to − Q = f(L, K) Production Function describes the technological relationship between inputs and outputs. Social Studies. It's time to use those leads you collected in the first stage of the sales process. by jgraybill. 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