Productivity
- 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
- Productivity
- Specialisation
- Specialisation=> more productive
- Increasing Productivity
- Capital
- Machinery
- No breaks, increasing time worked
- Specialisation
- Training
- Increases human capital
- 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
- Lower average costs
- Definition
- Specialisation
- Producing only a limited range of goods or services
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