Production

Question 1

Advantages of production for the economy

Answer 1

More employment - rise in standard of living
Country will have economic growth
Firms will see larger profits which can increase market share

Question 2

Disadvantages of production for the economy

Answer 2

Increase in output might result in an increase in technology - workers being replaced and more energy consumption (carbon emissions)
Workers replaced by machines will have a lower standard of living

Question 3

Productivity definition

Answer 3

Output per unit of input. `

Question 4

Benefits of productivity

Answer 4

Increased profit to lead to better R+D and investment

Increased total output in the economy

Question 5

Costs of productivity

Answer 5

Workers become replaced by machines

Greater international competitiveness