specialisttion

Question 1

normative statement

Answer 1

statement based on opinions

Question 2

positive statement

Answer 2

statement supported by evidence and fact

Question 3

ways that PPF can shit

Answer 3

land- run out of natural resource
labour- employees go on strike
capital - tech becomes old
enterprise - entrepreneurs retire

Question 4

absolute advantage

Answer 4

being able to produce more of something than another country (assume both have same resources)

Question 5

competitive advantage

Answer 5

being able to produce something at a much lower opportunity cost than the other country (assume resources are equal)

Question 6

problems with specialisation

Answer 6

if industry fails, huge loss of jobs

if someone wants to change industry they may have to move area

if there are lots of people in industry, pay will be lower

structural unemployment (too skilled in one job)

regional decline

Question 7

disadvantage of division of labour

Answer 7

boredom of same job
strikes (demand higher pay)
training costs
no multitasking
workers have more power

Question 8

advantages of division of labour

Answer 8

get very skilled at role
good service
faster service
career pathway
productive team