4.1.4.1 Production and productivity Flashcards
1
Q
short-run production
A
when one of the factors of production is fixed
2
Q
long-run production
A
when none of the factors of production are fixed
3
Q
productivity
A
output per unit of input
4
Q
labour productivity
A
output per worker
5
Q
capital productivity
A
output per unit of capital
6
Q
Factors of production definition
A
The inputs available to supply goods and services in an economy
7
Q
Production
A
The conversion of factor inputs into outputs (goods and services)
8
Q
Productivity gap
A
the difference between labour productivity in the UK and in other developed economies
