Economics Unit 1 - Production and efficiency

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What is the division of labour?
Divides the production process into different stages
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What is specialization?
Workers are assigned to specific tasks within the production process
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What are the advantages of specialization?
Higher output, Increased market share, Increased competition
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What are the disadvantages of specialization?
Disincentive - boring
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What is the equation of productivity?
Output/ no. of workers
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What are economies of scale?
Falling long-run average costs as output rises
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What are the 5 main economies of scale?
Purchasing, Financial, Marketing, Managerial, Technological
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What are diseconomies of scale?
Rising long-run average costs as output rises
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What are the 3 main diseconomies of scale?
Control, Co-ordination, Communication
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Card 2

Front

What is specialization?

Back

Workers are assigned to specific tasks within the production process

Card 3

Front

What are the advantages of specialization?

Back

Preview of the front of card 3

Card 4

Front

What are the disadvantages of specialization?

Back

Preview of the front of card 4

Card 5

Front

What is the equation of productivity?

Back

Preview of the front of card 5
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