production Flashcards
equation for productivity
total number divide number of workers
what is economics of scale
as volume rises average unit costs are lower
what is productivity
it’s a measurement of the efficiency of factors of production
what are the factors of production
-land
-labor
-capitol
-entrepreneur
give an example of land
seawater is a natural resource
give an example of labor
people working for a company
give an example of capital
tools, equipment, machinery, and other man-made resources
give an example of Entrepeneur
someone who takes the initiative to organize and manage the other factors of production (land, labor, and capital)
What is an example of capital in a small business?
A cash register in a store is an example of capital in a small business.
What is land in economics?
Land refers to natural resources used in production, like water, soil, and minerals.
