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Firms and production
Understand the factors that affect the demand for production inputs, including how product demand, the cost of various production inputs, their availability, and their efficiency influence this demand.
3
Objectives
30
Flashcards
21
Questions
90 min
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CambridgeIGCSEEconomicsSubject content
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Firms and production outcomes3 objectives
- Understand the factors that affect the demand for production inputs, including how product demand, the cost of various production inputs, their availability, and their efficiency influence this demand.
- Explore the concepts of labour-intensive and capital-intensive production methods, including the reasons for choosing each type and their respective benefits and drawbacks.
- Differentiate between production and productivity, and examine the factors that influence both concepts.
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