What is production?

What does production involve in the short run?

What does production involve in the long run?

How is the short run defined?

How is the long run defined?

What is productivity?

How is productivity measured?

How can productivity be measured- which is most commonly used?

What is productivity a measure of?

The higher the rate of productivity... (effect on costs)
(2)

What is specialisation?

What does the productivity gap measure?

Where can specialisation happen?

Give example of this (4)

Give an example of specialisation within businesses and organisations

Give an example of specialisation within a country

Give an example of specialisation within a region of a country

How can we increase productivity? (2)

When does the division of labour occur?

What can the division of labour raise- why?

What is this process called?

What does this gain in productivity result in?

What should reduced supply costs lead to?

What are advantages of specialisation? (3)

Why is higher labour productivity an advantage of specialisation? (3)

Why is the creation of surplus output an advantage of specialisation? (3)

Why are lower prices an advantage of specialisation? (3)

What are the disadvantage of specialisation and the division of labour? (3)

Why is trade and exchange necessary?

What is a way of achieving this- what does this require?

If there is a increase in specialisation what happens to productivity?

What is money?