Make the most of it

The equipment, ingredients, and employee labor at the restaurant are all

inputs

Gross domestic product per capita is a measure of

the average worker's productivity.

How does increased business productivity benefit consumers?

More goods and services become available, so prices go down.

Which of the following is an example of using capital investment to increase productivity?

Purchasing new computers

Why is the productivity of service businesses measured differently than that of manufacturing businesses?

Service businesses are concerned about the appropriateness of their products.

Why are better trained an d educated workers often more productive?

They tend to be more organized and able to manage their time wisely.

Why should productivity be measured?

To see whether the business's objectives are being met.

To reduce the chance of investigations and orders to cease production, businesses should

adhere to government regulations.

One way that the productivity of a business can be measured is by

dividing the dollar value of total sales by the costs of making those sales.

A positive effect that productivity has on a business is helping it to

increase the standard of living.

The amount and value of outputs produced from set amounts of resources are known as

productivity

Research and development speed up production by

simplifying existing products.

A company produces only one type of shoe, since this is the product it is best able to produce with its resources. This is the example of

specialization.

A factory that mass produces clothing increases productivity because it reduces

wasted resources.

Lack of standardization occurs when

tasks and processes are done differently every time.