Division Of Labour

Question 1

Specialisation

Answer 1

When a worker focuses specifically on producing a good or part of a good or service

Question 2

Advantages to specialisation

Answer 2

Greater levels of productivity

A person performing the task becomes proficient

Time saved from one task to another also in terms of training a person

Specialisation allows for a worker to specialise in a job that best suits them

Question 3

Disadvantages of specialisation

Answer 3

Can get monotonous and boring after a certain period of time

Transfer of skills from workers to the machines they use can lead to a loss in jobs

If there is a break in any part of the production process it can cause massive hold ups in the production process

Question 4

What’s division of labour

Answer 4

When the labour process is divided into different sub sections and taken on by a group or one person

Question 5

What is money

Answer 5

Anything that can be used as a means of payment of a good or service

Development of money enabled specialisation and trade to grow

Question 6

Functions of money

Answer 6

Medium of exchange

Measure of value

Store of value

Method of deferred payment

Question 7

Medium of exchange

Answer 7

Enables buying and selling of products, making exchange easier

Question 8

Measure of value

Answer 8

Enables a value to be placed on products so they can be bought and sold with ease. Creates a unit of measure that enables comparison between the values of products

Question 9

Store of value

Answer 9

Creates a convenient way to store wealth that can be spent later

Question 10

Method of deferred payment

Answer 10

Enables borrowing and lending, so you can get products earlier instead of having to get it when funds add up