Session (1.2.2) Quantity and Quality of Factors of Production

Partial Progress - Circles (browser only)

Objectives

The focus of this session is on how an economy can produce more goods and services by improving or increasing the factors of production it can use.
By the end of this session, you should be able to:

analyse the causes of changes in the quantity and quality of the factors of production.

Engage

We know that economies require factors of production to produce goods and services to satisfy peoples wants. We also know that the factors of production are scarce.

If the economy is to produce more goods and services and satisfy more wants than it is currently able to, it needs to increase the quantity or improve the quality of the factors of production.

What are YOU doing NOW to improve the quality of labour that your economy will have in the future? Note down a few ideas.

An important concept that is used in this session is productivity. What do you think this word means?

If the quality of a factor of production is improved, it will be able to produce more goods and services (its output will rise) in a given period of time.

This is called an increase in productivity.

The productivity of any factor of production can increase, but it is usually applied to labour.

Think about the effect that better training and education would have on labour productivity.

Learn

Read and make notes from pages 15–20 of your coursebook.

Complete the activity.

Apply

Compete activity 2.2 on page 15 of your coursebook.

As you have now completed Topic 2, it’s time to answer the Chapter 2 practice questions. Complete questions 1–6 on pages 21–22.

Consolidate

Remember to add the key terms used in this session and their definitions to your glossary.

Log in to Cambridge Go via your digital coursebook to watch Video 2 which covers the content of Chapter 2 of your coursebook.

WATCH - Video 2 (Cambridge GO)

Complete the ‘Check your progress’ table on page 9 of your coursebook.