AQA, Aquinas, Economics, ECON1, Markets, Market Failure

1. ECON1
WWW.AQUINASECONOMICSAS.CO.UK
@AQUINASECONOMIC
Production
Answer all the questions below
1. Define the term Production
2. What is the difference between production and productivity?
3. Explain how a firm may decide to increase productivity among its employees
4. Explain in detail what the advantages of higher production would be
5. Explain how the concepts of demand is linked to productivity
6. Draw a graph to explain productive efficiency
7. Define the term Fixed Costs
8. Define the term Variable Costs