Productivity


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  • Created by: Becca-
  • Created on: 08-06-15 15:38
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  • Productivity
    • Definition
      • Productivity
        • Output per worker per period of time
        • labour/total output= productivity
      • Production
        • The process of combining scarce resources to make an output
      • Specialisation
        • Producing only a limited range of goods or services
    • Specialisation
      • Specialisation=> more productive
    • Increasing Productivity
      • Capital
        • Machinery
        • No breaks, increasing time worked
      • Specialisation
      • Training
        • Increases human capital
    • Impact of competition
      • Lower average costs
        • Increased productivity
      • Lower, more competitive price
        • When average costs fall the price can be lowered
      • Higher profits
        • Average costs fall making a larger profit margin
  • Specialisation
    • Producing only a limited range of goods or services

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