Division of Labour Flashcards
1
Q
Barter
A
swapping one good for another without the use of money
2
Q
capital productivity
A
output per unit of capital employed
3
Q
division of labour
A
specialisation by workers, who perform different tasks at different stages of production to make a good or service, in cooperation with other workers
4
Q
market
A
any convenient set of arrangements by which buyers and sellers communicate to exchange goods and services
5
Q
money functions
A
at item which fulfils four functions: a medium of exchange, measure of value, store of value, method of deferred payment
6
Q
private sector
A
the part of the economy owned by individuals, companies and charities
7
Q
public sector
A
the part of the economy
