Productivity and efficiency
- Created by: CarlosRamos
- Created on: 23-04-17 04:12
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- Productivity and efficiency
- Productivity
- Factors influencing productivity
- Physical capital
- Technology
- Process innovation
- Human capital
- Organising resources
- Access to finance
- Output per unit of input
- Factors influencing productivity
- Capital intensive
- A business process or an industry that requires large amounts of money and other financial resources to produce a good or service
- Capital is more important than labour
- Examples of Capital intensive
- Airlines
- Oil refining and production industry
- Truck and rail-road industry
- Chemical manufacturing
- Labour intensive
- A process or industry that requires a large amount of labour to produce its goods or services
- Labour is more important than capital
- Examples of Labour intensive
- Hospitality industry
- Agriculture industry
- Mining industry
- Efficiency
- Organising production so that waste is minimised and costs are the lowest possible
- Factors influencing efficiency
- Location of production
- Quality and availability of labour
- Labour turnover
- Productivity
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