3.6 Firms and Production Flashcards
(5 cards)
1
Q
What are 3 advantages of labour-intensive production
A
- Personalised Services
- Provide feedback to improve
- Flexibility (eg. part time workers)
2
Q
What are 3 disadvantages of labour-intensive production
A
- Relatively expensive
- Inefficient and inconsistent
- labour relation problems
3
Q
What are 3 advantages of capital-intensive production
A
- Less likely to make errors
- More efficient
-technical economies of scale
4
Q
What are 3 disadvantages of capital-intensive production
A
- Expensive
- lack flexibility
- machinery lacks initiative to work
5
Q
What are 3 factors that influence productivity?
A
- Worker motivation
- Specialization
- Technology
