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 Give an example of productivity.  Who/what do you associate with productivity?  Why is it important to understand productivity? Copyright © Texas Education Agency, All rights reserved. 3

 The amount of output (goods and services) produced per unit of input (productive resources) used.  Why is it important to measure productivity? 4 Copyright © Texas Education Agency, All rights reserved.

 The basic kinds of resources used to produce goods and services: - land or natural resources - human resources (including labor and entrepreneurship) - capital 5 Copyright © Texas Education Agency, All rights reserved.

 The act, process or result of manufacturing or refining something. 6 Copyright © Texas Education Agency, All rights reserved.

 The quantity and quality of human effort available to produce goods and services.  What is the impact of labor specialization? 7 Copyright © Texas Education Agency, All rights reserved.

 An arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line).  What are the advantages of the division of labor? 8 Copyright © Texas Education Agency, All rights reserved.

 A situation in which people produce a narrower range of goods and services than they consume.  How is specialization related to productivity? 9 Copyright © Texas Education Agency, All rights reserved.

 One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit.  Who is the entrepreneur associated with productivity? 10 Copyright © Texas Education Agency, All rights reserved.

 A new idea or method.  How is innovation related to productivity? 11 Copyright © Texas Education Agency, All rights reserved.

 Create a flowchart of the production process  Improve the production process and revise the flowchart 12 Copyright © Texas Education Agency, All rights reserved.

 What factors can negatively affect productivity?  What factors can positively affect productivity?  How can productivity be improved? 13 Copyright © Texas Education Agency, All rights reserved.

 EconEd Link EconEd Link p?lid=668&type=student 14 Copyright © Texas Education Agency, All rights reserved.