key terms - specialisation Flashcards
1
Q
routine work
A
work that is competitive and only requires a low level of skill
2
Q
specialisation
A
occurs when a firm or country concentrates production of one or a few goods and services
3
Q
standardised goods
A
goods that are uniform in appearance and quality
4
Q
piece rate pay
A
wages or income that is linked to output
5
Q
capital intensive
A
where manmade resources are mainly used in the production process to create output
6
Q
interdependence
A
where the actions of one impact other firms or workers
7
Q
labour productivity
A
a measure of productivity measured by calculating the amount of output by the unit of factor input
8
Q
division of labour
A
occurs when the production process is broken down into smaller tasks that one person can specialise within a firm
