10th and 11th Productivity

What is productivity?

• working on products

• goods that are produced

• amount of goods or services workers can produce in a period of time

What would be an example of technology improving productivity?

• phones

• computers

• machines

What are three ways businesses can improve productivity?

• new workers,technology, money

• trained workers, technology, money

• trained and educated workers, equipment, technology

Why are educated and trained workers often more productive?

• because they think quicker and more efficient

• because they think quicker

• because they work quicker

Producing a desired result without wasting time, energy, money, or other resources.​

• Efficiency

• Productivity

• Input

• Output

Resources being used to make the output

• Input

• Productivity

• Output

• Process

Productivity is measured in _________ or ________

• time or resources

• hours worked or number of workers

• cm or inches

• buying in bulk or revenue

_______ is a way to increase productivity.

• Talking bad about an employee

• Technology

• Increase the price of a product

Breaking a larger task down into smaller tasks in order to get the job done.

• Division of labor

• productivity

• effciency

The reason we study production costs in microeconomics is, ultimately, because

• business firms are motivated by profit maximization.

• households are motivated by utility maximization.

• understanding elasticity helps firms determine how to best price their products.

• economic profit is lower than accounting profit because it considers opportunity costs.