4.1 Production and productivity Flashcards
1
Q
factors of production
A
labour
capital machinery
1
Q
production
A
total output of oods and services produced by an individual, firm or country
2
Q
productivity
A
a measurement of the rate of production by one or more factors of production
3
Q
productivity “formula”
A
output per factor of production per employed per unit of time
4
Q
productivity formula
A
= total output per period of time / number of units of factor of production
5
Q
labour productivity formula
A
= total output per unit of time / number of units of labour
6
Q
where do improvements of labour come from?
A
- more education and training - from increased motivation
- advances in tech - workers equipted with lastest capital equiptment
- specialisation and division of labour facilitate more effective use of capital equipt. - further labour productivity.
7
Q
A
8
Q
A
9
Q
A
10
Q
A
11
Q
A
12
Q
A
13
Q
A
