Factors of Production ECON
Productivity is used to measure the efficiency or rate of production.
It is the amount of output (e.g. number of goods produced) per unit of input (e.g. labor, equipment, and capital).
Example of land productivity
Tommy Jones plants pineapples on 400 acres of land. He reaps 20,000 pineapples.
20,000 pineapples /400 acres = 50 pineapples per acre
Labour productivity could be increased by all of the following except:
One of the benefits of increasing productivity is:
What does productivity mean?
This factor involves money, equipment, and tools and any items to produce goods and services?
Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?
_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.
AN ENTREPRENEUR IS A PERSON WHO _______________.