Economics - Producers Revision

We need to ensure that we gain the maximum output for each unit of i____ – whether those inputs are h____resources, n______ resources or c______ resources.

This idea of output per unit of input is called ____________.

Workers can increase their skills by focussing on producing one main commodity or a very narrow range of commodities; this is called s_____________ or by focussing on one part of the production process d_______ o_ l_____.

Productivity can also be increased by improvement in t________

The formula for calculating productivity is ______ / _____ 

Human-made materials used to produce goods and services.

• capital

• land

• labour

• entrepreneur

material from Earth needed to make goods and services

• natural

• labour

• capital

• entrepreneur

the amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

when a producer becomes skilled at producing one good or service

• specialisation

• scarcity

• profit

• labour

The amount of goods and services produced

• Production

• Productivity