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Unit 3.6 Firm & Production

Unit 3.6 Firm & Production

Assessment

Flashcard

Other

11th Grade

Practice Problem

Hard

Created by

Irene Chung

FREE Resource

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6 questions

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1.

FLASHCARD QUESTION

Front

Production

Back

The total output of the goods and services produced by a firm or industry in a period of time.

2.

FLASHCARD QUESTION

Front

Productivity

Back

measures the contribution to production (total output) by each factor of production employed. It is one measure of the degree of efficiency in the use of factors of production in the production process. It is measured in terms of output per unit.

3.

FLASHCARD QUESTION

Front

Labour productivity

Back

output per worker per time period

4.

FLASHCARD QUESTION

Front

Efficiency

Back

how effective the firm in using factors of production to generate its output

5.

FLASHCARD QUESTION

Front

Labour intensive production

Back

where the production of a good or service depends more heavily on labour than the other factors of production

6.

FLASHCARD QUESTION

Front

Capital intensive production

Back

where a high level of investment in capital is required, such as in machinery, equipment and vehicles compared to the other factors of production

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