Benefits to division of labour
Less training needed
Faster production process
Increased efficiency
Greater output from given workforce
More effective use of capital in production
Less time taken in moving between jobs
Division of labour
Where a task is broken down to its component parts
Functions of money
Medium of exchange - used to buy and sell goods
Measure of value - compare the value of 2 goods
Store of value - able to keep value for a long time
Method of deferred payment - allow for debts to be created
Evaluative points for division of labour
Boredom of particular work
Risk of workers being replaced by machines
Time required and cost involved in training workers for specific jobs
The benefits of higher productivity may be offset by higher wages
Specialisation
Labour allocate all their time in producing just one good or service
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Economic Growth18
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Microeconomics 1.124
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AS Microeconomics104
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AS Macroeconomics67
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Theme 1 25 Markers5
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Macro27
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3.14
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A2 Macroeconomics20
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A2 Microeconomics29
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v11380
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v113 ma55
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Normative and Positive Statements (1.1.2)3
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PPF and Opportunity Cost (1.1.3 & 1.1.4)13
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Specialisation (1.1.5)6
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Types of Economies (1.1.6)10
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Rational & Irrational Behaviour (1.2.1 & 1.2.10)5
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Demand and Supply (1.2.2 & 1.2.4)0
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Elasticities (1.2.3 & 1.2.5)0
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Consumer and Producer Surplus (1.2.8)0
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Market Failure (1.3)0
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Externalities (1.3.2)0
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Subsidies (1.4.1)0
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Indirect Tax (1.4.1)0
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Government Intervention in Markets (1.4.1)0
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Tradable Pollution Permits (1.4.1)0
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Government Failure (1.4.2)0
