Production, Costs and Revenue

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Define productivity
Ouptut per unit of input.
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Difference between labour and capital productivity?
Per person / per unit of capital
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What is a productivity gap?
The difference between labour productivity of the UK and other developed countries.
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What is the difference between short run and long run?
Short run is where FOP are fixed and long run they are all variable
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What is specialisation?
Specialisation is when a business or economy focuses on producing a select range of products.
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What is division of labour?
When the production line is split between workers who become experts at their one task.
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Card 2

Front

Difference between labour and capital productivity?

Back

Per person / per unit of capital

Card 3

Front

What is a productivity gap?

Back

Preview of the front of card 3

Card 4

Front

What is the difference between short run and long run?

Back

Preview of the front of card 4

Card 5

Front

What is specialisation?

Back

Preview of the front of card 5
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