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Factors of Production in a Fast Food Restaurant

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by

Robyn P

on 18 December 2013

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Transcript of Factors of Production in a Fast Food Restaurant

1) Capital Investment
Capital investment is money being invested into the business. There are different areas where money can be applied. Here is a list of some of the types of capital investments (and details about them) that a typical fast food restaurant would probably need:

-Land (location). Preferably in a frequently visited, populated community such as a city. For example, St. Catherine's or Niagara Falls.

-A Building. It needs to draw the attention of the customer. Also, the building should be maintained and the interior should project a clean environment.

-Machinery/ Equipment. There needs to be updated and efficient machinery and equipment, in order to increase productivity, which means orders will be ready faster and the customers will be happy. Some examples of machinery/equipment that might be necessary in a fast food restaurant would be a cash register, a dish washer, a deep fryer, etc....
4) Management
Management is a term used to describe the people who oversee the factors of production, and make decisions that can benefit the business. A manger in a fast food restaurant typically oversees the employees and how well they are completing their job!
5) Training
Training is a process an employee undergoes to help better themselves at their particular job. There are four major types, which include initial training, ongoing training, specialized training and retraining. Typically, in the fast food industry, the most common type of training is initial training; a recently hired employee would partake in this to "learn the ropes" during their first few times working. Training is most often taught by a manager or another knowledgeable employee.
2) Materials/ Ingredients
Materials/ingredients are any goods used in the manufacturing of other goods. Since the goods being produced in a fast food restaurant is food, materials/ingredients could include things like potatoes, hamburger patties, condiments, etc...
6) Labour
Labour is the physical and/or mental work that is needed to produce a good or service. In this case, both are being produced. An employee will do things like prepare food, which is producing a good. Or they can do things like cleaning, taking orders, working drive-through, etc., which contributes to the over all atmosphere and service aspect.
Factors of Production in a Fast Food Restaurant
3) Supplies
Supplies are the raw materials that do not become part of a new product, so basically (pertaining to a fast food restaurant) the items that may contribute overall to the restaurant but are not actually to be purchased by the guests to eat! For a fast food restaurant, this could include things such as napkins, plastic utensils, cups, straws, lids, etc...
An example of training!
A Manager's Story!
Full transcript