Production of Goods and Services

labour productivity is can be measured by dividing the output for a period by the ......................

• number of machines in use

• sales revenue for the period

• profit earned in the period

• number of employees of work

what is the ratio of outputs (goods and services) divided by one or more inputs (such as labor, land, capital)

• production

• productivity

• multifactor productivity

• total factor productivity

A firm produces 200,000 units using 50 employees & 10 machines. What was the labour productivity

• 20,000 units per employee

• 4,000 units per machine

• 400 units per machine

• 4,000 units per employee

Productivity is how a business measure its ......................

Production is the process of converting inputs such as ......, ......., ......, and ........ into saleable goods.

• land, labour, capital, enterprise

• land, labour, input, output

• land, labour, knowledge, material

Production is a process of adding value to a product to satisfy customer........................

• scarcity and wants

• goods and services

• needs and wants

The production process and method used to transform ................. and ..................... into goods or services.

• needs and wants

• tangible input and intangible input

• material and knowledge