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10 cards from this deck
Converting inputs (factor services) into outputs
Production = process/quantity; Productivity = efficiency measure
Land, labour, capital, and enterprise
Physical productive assets (machinery, equipment, buildings)
Entrepreneurs who make decisions and take financial risks
Total output divided by number of workers (or hours worked)
Difference in productivity levels between countries
Worker focuses on one task or narrow range of tasks
Different workers perform different tasks in production
Minimising waste, components made exactly when needed
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