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9 Cards in this Set
- Front
- Back
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what is productivity? |
the amount of output that cna be produced with a given input of resources. -output per unit of input per hour - as productivity increases output increases. |
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what is labour productivity? |
the output per worker over a period of time |
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whats the labour productivity formula? |
output/amount of labour employed |
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what are the problems with using labiur productivity? |
the workers that should be included: those directly involved in the production of output or other general people such as maintenence crew as well how should part time and those off with long term sickness be treated? how does it work if the business manufactures multiple products and where its difficult to identify how one employee contributed ot more than one product. |
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what is capital productivity? |
the output per unit of capital over a period of time |
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whats the formula for capital productivity? |
output/units of capital employed |
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what is labour intensive production? |
production techniques use more labour than capital and take a long time ot make. job or batch production. |
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what is capital instensive? |
mean production technique uses more cpaitla than labour flow batch machines production |
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what does the opitamal labour mix depend on? |
the nature of the product the relative prices of the 2 factors- labour costs and intensity the size of the firm |
