Questions

Quick fire questions.

1. What is specialisation?

2. Define the term division of labour

3. What are two advanatages of specialisation to workers?

4. State two disadavantages of specialisation to businesses

5. How does specialisation lead to exchange?

6. What is labour productivity?

7. Which of the following does not impact productivity- motivation, division of labour, workers salaries, investment?

8. What are internal economies of scale?

9. Bulk buying is an example of what sort of economy of scale?

10. What are risk bearing economies?

11. Skilled labour in an area is an example of which type of economy of scale?

12. State the three most common diseconomies of scale

13. How can economies of scale lead to monopolies?

14. What is minimum efficent scale?

15. How do you know if a business is economically efficent?