Production and Productivity Flashcards
(6 cards)
1
Q
What is production?
A
the action of making or manufacturing from components or raw materials, or the process of being so manufactured
2
Q
What are the inputs of production?
A
Factors of production
3
Q
What do the outputs need?
A
Exchangeable value
4
Q
What is productivity?
A
the efficiency of production of goods or services expressed by some measure
5
Q
What is labour productivty?
A
The amount of labour produced by per worker or per worker per hour
6
Q
How to improve worker productivity?
A
Specialisation
Training
Education
