2.4.1 Production, productivity and efficiency Flashcards
1
Q
Productivity
A
The amount of output that can be produced with a given input of resources in a specified time period
2
Q
Productivity can be measured in how 2 ways. T/F?
A
True
3
Q
The two ways in which productivity can be measured
A
Labour productivity
&
Capital productivity
4
Q
Labour productivity
A
The amount a worker produces
5
Q
Labour productivity formula
A
Number of employees (per time period)
6
Q
Capital
A
7
Q
Labour intensive production
A
Making products using human effort/labour
8
Q
Capital intensive production
A
Making products using machines/equipment
9
Q
3 ways to improve productivity
A
1) Productivity bonus
2) Staff training
3) Investment in new machinery/equipment
