Unit 3

Question 1

Productivity

Answer 1

A measure of how much a business produces at a given time

Question 2

Specialization

Answer 2

Entails focusing on a narrow area of knowledge or skill or activity

Question 3

Division of Labor

Answer 3

Dividing the production process into a number of simpler tasks

Question 4

Quality Control

Answer 4

Process by which employees review the quality of all factors involved in the production process

Question 5

Labor

Answer 5

Human activity that provides the good/services in an economy

Question 6

Organized Labor

Answer 6

An association of works united for the purpose of improving the workers economic status and working condition. UNION

Question 7

Collective Bargaining

Answer 7

The process of negotiating the term of employment between an employer and a group workers.

Question 8

Law of diminishing returns

Answer 8

As the number of new employees increase, effect of an additional employee will at some point be less than the effect of previous employee

Question 9

Economies of scale

Answer 9

The increase in efficiency of production as the number of good being produced increases.