1.1.5 Specialisation and the Division of Labour

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  • Created by: 13clarken
  • Created on: 18-04-19 13:29
... is when we concentrate on a particular product or task
Specialisation
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Possible gains of ... : Higher output, Variety, A bigger market and Competition and lower prices
Specialisation
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... 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
Division of labour
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... 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
Advantages
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... 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
Disadvantages
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The 4 ... are: Medium of exchange, measure of value, store of value and method of deferred payment
Function of Money
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... of money are: Durable, Portable, Divisible, Hard to counterfeit, generally accepted by a population and is valuable
Characteristics
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Function of Money: Money allows goods and services to be traded without the need for a barter system
Medium of Exchange
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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
Store of Value
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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
Unit of Account
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Function of Account: Standard of ... : This refers to the expressing of the value of a debt
Deferred Payment
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Other cards in this set

Card 2

Front

Possible gains of ... : Higher output, Variety, A bigger market and Competition and lower prices

Back

Specialisation

Card 3

Front

... 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

Back

Preview of the front of card 3

Card 4

Front

... 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

Back

Preview of the front of card 4

Card 5

Front

... 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

Back

Preview of the front of card 5
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