Micro 2.1 Flashcards
1
Q
what is specialisation
A
Where workers have designated tasks in production in order to increase productivity
2
Q
What are the advt of specialisation
A
Higher output
Opp for EofS
3
Q
Dis of specialisation
A
Repetition = border
4
Q
What are the 4 functions of money
A
Medium of exchange
Store of value
Measure of value
Method of deferred payment
5
Q
Double coincidence of wants
A
Both parties have to want the good the other one offers
