4.2 Unti Costs And Efficency Flashcards
1
Q
What is efficiency?
A
Refers to how effectively a firm uses its resources. It can be measured in a number of ways, including labour productivity and wastage rates
2
Q
What is GDP
A
Gross domestic product- value of all the goods and services produced in a country in a year
3
Q
What is job enrichment?
A
Giving people the opportunity to use their ability
4
Q
What is productivity
A
Measures how efficiently a firm turns inputs into the production process into outputs
5
Q
What is labor productivity
A
Output per period (divided by) number of employees
6
Q
Why should you track labor productivity
A
