productivity
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Last updated 8:40 PM on 1/14/26
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5 Terms
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specialisation
the process by which individuals, firms, regions or whole economies focus on producing those products they are best at producing
2
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division of labour
when employees concentrate on small aspects of the production line
3
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exchange
the giving up of something that the individuals or firm has in return for something they wish to have but do not poses
4
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production
the total output of goods and services produced by a firm or industry in a given time
5
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productivity
a measure of the degree of efficiency in the use of the factors of production in the production process
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Flashcards (37)