Civics 7.4

Civics 7.4

Economics Part 2

Open Ended

What is the result of increasing productivity in business, school, or life?

Increasing Productivity

• Productivity - the ability to turn input into output in a certain amount of time

• Specialization - devotion of certain resources into wealth

• Division of labor - act of splitting work into smaller and more specialized tasks

Open Ended

Give an example of division of labor.

Increasing Productivity

• Factory - facility designed and used for producing particular goods and services

• Mass Production - the production of large quantities of a particular good

• Business organization - enable owners to profit from production and pay laborers a wage or salary

• Assembly Line - product moves down the line and is assembled by a series of laborers

Multiple Choice

Who revolutionized the assembly line?

• Sam Walton

• Henry Ford

• Karl Marx

• Orville Wright

Increasing Productivity

• Technology - application of scientific breakthroughs to commerce and industry

• invention - any new form of technology created to meet a need

• innovation - something that profoundly changes and improves the way things are done

Multiple Choice

Is the Iphone 12 an invention or innovation?

• Invention

• Innovation

Multiple Choice

Is the assembly line an innovation or invention?

• Innovation

• Invention

Increasing Productivity

• Human Capitol - that which makes laborers more productive

• Unskilled workers - jobs require minimal amounts of training and few specific skills

• Skilled workers - jobs require greater training and/or education and more skills

Multiple Select

Which of the following would be skilled workers?

• Doctors

• Lawyers

• Engineers

• Walmart floor stocker

Increasing Productivity

• Blue Collar Jobs - occupation which requires manual labor

• White Collar Jobs - typically do not on a daily basis

Open Ended

Give an example of skilled and unskilled workers.

Increasing Productivity

• robotics - machines which can be programmed to produce goods

• automation - businesses conclude that a robot/machine can do the task of a human at great cost and/or more production

• Agribusiness - replacement of small, labor intensive family farms with larger, capital-intensive company owned farms

Open Ended

Why would you join agribusiness?

Multiple Choice

Selling laptop computers at discount prices and producing so many of them as to still make a huge profit is an example of what?

• assembly line technology

• adequate business organization

• the practice of mass production

• the application of automation

Multiple Choice

Of the following, who would MOST LIKELY earn the highest wage/salary?

• an uneducated blue collar worker

• a skilled white collar worker

• some who graduated high school and has very little additional training

• someone who works as a hired hand on a farm