Micro 4.2 0.0 / 5 ? EconomicsSpecialisation, Division of Labour and ExchangeA2/A-levelAQA Created by: neve.whinnCreated on: 13-03-20 10:08 What does specialisation involve? An individual worker, firm, region or country producing a limited range of goods or services. 1 of 8 What is division of labour? Specialisation at the level of an individual worker. 2 of 8 How can a country specialise to a large extent? If it is able to exchange the output for other goods and services that it is less able to produce efficiently, such as food. 3 of 8 What is the advantage of money? Money as a medium of exchange avoids the need for barter. 4 of 8 What are 4 benefits of specialisation and division of labour? Repetition leading to expertise, reduced time switching leading to increased productivity, specialist machinery, natural strengths. 5 of 8 What is the short run defined as? The period of time in which at least one factor of production is fixed in terms of the number of units a firm can use. 6 of 8 Which factors of production are likely to be fixed in the short run? Land or capital equipment. 7 of 8 What is the long run defined as? The period of time over which a firm can vary all the factors of production it uses and may increase or reduce its scale of output. 8 of 8
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