Q: Describe Why Society Used Division Of Labour Flashcards
1
Q
Subsistence level
A
people need to consume everything they produce simply in order to survive.
2
Q
Surplus
A
An excess of production or supply.
3
Q
Productivity
A
This is how much output can be produced per unit of input in a certain time.
4
Q
The basic economic problem
A
Human wants are unlimited but the resources (the factors of production) required to produce these are finite (limited).
5
Q
A market
A
A place where buyers and sellers meet to exchange a good or service for an agreed price.
6
Q
Name 5 reasons why society used division of labour
A
Subsistence level/economy, surplus, productivity, the basic economic problem and a market
