Productivity Flashcards
1
Q
Define productivity
A
Rate at which goods are produced and the amount produced in relation to work, time, money and needed to produce them
2
Q
Define division of labour
A
Breaking down of the production process into small parts with each worker allocated to a specific task - concentrate become specialised repetitive faster and less errors more efficient
specialisation: production of a limited range of goods by individuals, firms, countries - more efficient firm/economy
3
Q
Define specialisation
A
Production of a limited range of goods by individuals, firms, regions or countries
4
Q
Productivity formula
A
Output per unit of input
