Production (AQA A-Level Economics): Flashcards

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