chapter 19- firms and production
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8 Terms
what determines demand for factor of production
demand for final product, price of the factor, availability of the factor, productivity of the factor
why is demand for factors derived demand
factors are demanded because they are needed to produce goods/services that consumers demand
why might firms choose capital-intensive production
capital is relatively cheap, labour is expensive, machines can increase productivity, consistent quality may be achieved
what is production
the process of transforming inputs into goods and services
what is productivity
output produced per unit of input
formula for labour productivity
total output/ number of workers
how can firms increase productivity
training, better technology, better equipment, improved working conditions
difference between productivity and production
production= total output, productivity =output per unit of input