Self study 2 22. What is the best idea you have ever had?

Answer the following questions:

1. 
   What is production?
   

Get ready to roll up your sleeves and learn everything about production! From making your morning cup of coffee to assembling a car, production is an essential economic concept. But what exactly is the production and why is it so important? In this article, we'll explore the definition of production in economics, the various types of production, and the factors of production from which everything is made. Plus, we'll look at an interesting example of production to help you better understand the concept. So grab a hard hat, and let's get started!

2. 
   Specify the notion of ‘just-in-time inventory’.
   

Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.

3. 
   What is marketing?
   

Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process. It specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.

4. 
   Define such business operation as finance.
   

Meaning of Business Finance
It refers to the corpus of funds and credit employed in a business. Business finance is required for purchasing assets, goods, raw materials and for performing all other economic activities. Precisely, it is required for running all the business operations.

5. 
   What does the HRM involve?
   

Human resource management is the strategic approach to nurturing and supporting employees and ensuring a positive workplace environment. Its functions vary across different businesses and industries, but typically include recruitment, compensation and benefits, training and development, and employee relations.