1.1.5 Specialisation and the Division of Labour 0.0 / 5 ? EconomicsMicroeconomicsASEdexcel Created by: 13clarkenCreated on: 18-04-19 13:29 23895106417 Across 1. The 4 ... are: Medium of exchange, measure of value, store of value and method of deferred payment (8, 2, 5) 7. ... of Specialisation and Division of Labour: Workers and other productive factors are put to their most productive use, Smaller range of tasks means jobs are learnt quicker and cheaper, Workers develop specific expertise (10) 8. Possible gains of ... : Higher output, Variety, A bigger market and Competition and lower prices (14) Down 2. ... is when we concentrate on a particular product or task (14) 3. ... occurs when production is broken down into many separate tasks, which can raise output per workers as workers have a higher productive capacity after doing a repetitive task (8, 2, 6) 4. Function of Money: This can refer to any asset whose value can be used now or used in the future, meaning people can save now to fund spending in the future (5, 2, 5) 5. Function of Money: Money allows goods and services to be traded without the need for a barter system (6, 2, 8) 6. Function of Money: This refers to anything that allows the value of something to be expressed in an understandable way, and in a way that allows the vale of items to be compared (4, 2, 7) 9. ... of Specialisation and Division of Labour: Decreased motivation, reduced product quality, worker immobility, higher labour turnover, workers are not trained, mass good production, economies can be left vulnerable in countries (13) 10. ... of money are: Durable, Portable, Divisible, Hard to counterfeit, generally accepted by a population and is valuable (15)
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