Productivity

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    Productivity

    Factors impacting productivity:

    • Specialisation and Division of Labour
    • Education and Training
    • Motivation of Workers
    • Working Practices
    • Labour Flexibility
    • Capital Productivity – Investment in new technology

     

    Labour​-Intensive Production – reliant on humans more labour forms a high % of total costs, but adds value as needs met

    Capital​-Intensive Production – automation reliant (machines) high barriers to entry Fewer costs, but initial costs high

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