T4 - Specialisation and divisons of labour Flashcards
1
Q
What is specialisation
A
When a business concertates on producing a specifc good or service
2
Q
When can specialisation happen
A
All stages in an economy
3
Q
Beneifits of specialisation
A
More output
Variet
Bigger markets
Comp
Lower prices
4
Q
What is the divisions of labour
A
Dividing workers into smaller roles to do certain tasks
5
Q
Benefits of DoL
A
Inc quality
Time saving
Allows people to work on strengths
Effciency and productivity
6
Q
Drawbacks of DoL
A
Repetitive work
High labour turn over
Struct unemployment - skills not enhanced
Mass produced standardised goods
7
Q
What is trade
A
Buying and selling goods and services
8
Q
What is exchange
A
To give something in return for something recieved
