1.1.5 Specialisation and the Division of Labour Flashcards
1
Q
Specialisation
A
When an individual, firm, region or country concentrates on the production of a limited range of goods & services.
2
Q
Division of labour
A
A process where the production procedure is broken down into a sequence of stages and workers are assigned to particular stages.
3
Q
Export
A
A good made in the UK and sold to a foreign country.
4
Q
Import
A
A good made abroad and purchased into the UK.
5
Q
Productivity
A
Output per unit of input employed.
6
Q
Labour productivity
A
Output per worker per hour.
7
Q
Capital productivity
A
Output per unit of capital employed.
