41.The value added by the creation of finished goods and services from inputs is called ownership utility.
42.Process manufacturing refers to combining components and raw materials to make a product.
43.Process manufacturing physically or chemically alters materials to create finished goods.
44.An assembly process involves physically or chemically manipulating raw materials to create a product.
45.A continuous production process is characterized by long production runs that turn out finished goods over time.
46.Intermittent production processes are characterized by short production runs and frequent changes of machinery in order to produce different products like customized furniture.
47.Contemporary manufacturers in the U.S. lack the flexibility to use intermittent production processes.
48.One drawback of intermittent production processes is that they tend to be much slower than continuous processes.
49.The production process requires inputs, controls, and outputs.
50.Mass production techniques allowed firms to respond quickly to the individual needs of consumers.