Productivity

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  • Created by: Becca-
  • Created on: 15-06-15 16:26
What's the definition of production?
The process of combining scarce resources to make an output
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What's the definition of productivity?
Output per worker
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What's the definition specialisation?
Producing only a limited range of goods and services
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What's the equation for productivity?
labour/total output= productivity
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Name a disadvantage of specialisation
Boredom, Other skills may suffer, High training cost, Quality suffers, Hard to get another job
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Name a advantage of specialisation
Increased productivity, Improved skills at job (more valuable), Each worker can do what they're best at/more suited to, High pay for those who are specialised, lower average cost
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Name a way to increase productivity
Specailisation, Increasing capital, Training
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Name an impact of competition
Lower price, Lower average cost, Higher profits
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Other cards in this set

Card 2

Front

What's the definition of productivity?

Back

Output per worker

Card 3

Front

What's the definition specialisation?

Back

Preview of the front of card 3

Card 4

Front

What's the equation for productivity?

Back

Preview of the front of card 4

Card 5

Front

Name a disadvantage of specialisation

Back

Preview of the front of card 5
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