Resource Allocation
- Created by: gizmosupremacy
- Created on: 16-12-23 15:38
Other questions in this quiz
2. What is specialisation?
- Where a country or business focus on the production of a limited range of products or services in order to gain greater efficiency
- Where workers specialise in one particular task within the production process
- Where producers improve the quality of their products to create a unique selling point
3. Which of these is a disadvantage of specialisation?
- Decline in revenue, due to world prices for a product falling
- Consumers have more choice
- Increased competition encourages businesses to minimise costs and prices
4. What is the role of signalling?
- To reduce the consumption of harmful goods
- Suggests something important about the goods and services to potential buyers - eg. better quality, higher cost of production
- Acts as an incentive for producers to supply the good for more profit
5. Which of these is NOT a disadvantage for division of labour?
- A reduction in mass produced, standardised goods
- Reduction in choice for consumers
- Individuals may become bored of the repetitiveness, which could lead to lower output/quality
- Higher levels of staff turnover
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