You should be able to:
Recognize the difference between 'production' and 'productivty'
Identify the factors that influence them
Understand the reasons why firms adopt these different forms of production
Describe their advantages and disadvantages
Analyse what determines the demand for factors of production, including demand for the product, the relative prices of different factors of production and their availability and cost.
ACTIVITY 1: CHICKENOMICS. In this activity you will complete a close reading exercise where you will need to apply many of the ideas on production and productivity in the objectives above to the market for chicken farming. (Can you believe there are 23billion chickens on planet earth!Wow!) Carefully read through the article and complete the activities in the accompanying activity sheet. Make sure that you carefully read the accompanying section of the textbook so that you fully understand the ideas and complete the answers to the questions in detail.
The article: Chickenomics, adapted from the Economist January 2019
The accompanying activity sheet that you will not to download and complete the activities for:
ACTIVITY 2: CROSSWORD: Complete the crossword on page 245 using your learning from last week and this week.
ACTIVITY 3: EXAM PRACTICE: To give you more practice on costs, revenues and profits complete the calculations in the exam practice handout below: We will publish an answer word document here at the end of Thursday so that you can check your answers and calculations.
TEXTBOOK PAGES CAMBRIDGE ON PRODUCTION AND GAINS IN PRODUCTIVITY