Productivity and Efficiency (Edexcel A-Level Business): Flashcards
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What does productivity measure?
What does productivity measure?
Output generated from available resources
Labour productivity formula
Labour productivity formula
Total output ÷ Number of workers
Capital productivity formula
Capital productivity formula
Total output ÷ Amount of capital employed
What is division of labour?
What is division of labour?
Workers concentrating on specific, limited tasks
What is standardisation?
What is standardisation?
Using uniform resources, activities, processes, or products
When is efficiency maximised?
When is efficiency maximised?
When average costs are minimised
What is lean production?
What is lean production?
Using fewer resources in production (Toyota approach)
What does Kaizen mean?
What does Kaizen mean?
Continuous improvement
What is just-in-time (JIT)?
What is just-in-time (JIT)?
Minimising or eliminating stock holdings
Labour intensive production
Labour intensive production
Larger proportion of labour relative to capital