specialisation

Question 1

functions of money (4)

Answer 1

• medium of Ex
- allows C to get g/s

• Store of value
- save purchasing power of the future - get more gs later

• Unit of account
- assigned value of g/s

• Standard of deffered payment
- How ins going to be paid back - gives a unit

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Question 2

D of L

Answer 2

specialisation by workers who perform diff tasks at diff stages of production to make g/s in co-operation of other workers

Question 3

Specialisation

Answer 3

comp/indivi focus on labour on specific gs

Question 4

specialisation pros

Answer 4

• Increase labour productivity & business products
- increase output per hr
- increase productivity … deercase unit cost of S
- increase profits

• Creates surplus output that can be traded internationally

• Decrease prices/ Increase real incomes
- increase PP & increase productivity… increase wages

Question 5

Specialisation cons

Answer 5

• Unrewarding repetitive work
- lower motivation & lower productivity

• Disatisfied worker become less punctual … absentence rate Increase

• workers get little training … can find other jobs … Structural occupation of Unemployment