Economics Unit 1 - Production and efficiency 0.0 / 5 ? EconomicsProduction and efficiencyASAQA Created by: anna_richardsCreated on: 24-02-16 12:41 What is the division of labour? Divides the production process into different stages 1 of 9 What is specialization? Workers are assigned to specific tasks within the production process 2 of 9 What are the advantages of specialization? Higher output, Increased market share, Increased competition 3 of 9 What are the disadvantages of specialization? Disincentive - boring 4 of 9 What is the equation of productivity? Output/ no. of workers 5 of 9 What are economies of scale? Falling long-run average costs as output rises 6 of 9 What are the 5 main economies of scale? Purchasing, Financial, Marketing, Managerial, Technological 7 of 9 What are diseconomies of scale? Rising long-run average costs as output rises 8 of 9 What are the 3 main diseconomies of scale? Control, Co-ordination, Communication 9 of 9
Comments
No comments have yet been made