1.1.5 Specialisation and the division of labour
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10 Terms
What is another name for resources 1.1.5
Factors of production
Specialisation and division of labour in reference to Adam smith
Specialisation occurs when each worker completes a specific task in a production process and as stated by Adam Smith, worker productivity can increase. Firms can then increase efficiency and lower their costs of production
Advantages of specialisation and the division of labour in organising production
Disadvantages of specialisation and division of labour in organising production
Advantages of specialising in the production of goods and services to trade
Disadvantages of specialising in the production of goods and services to trade
The functions of money: as a medium of exchange
The functions of money: a measure of value
The functions of money: a store of value
The functions of money: as a method of deferred payment
