Vocabulary
The term for making something people want
Production
Why does specialization usually increase production?
What is the formula for productivity?
Total Output / number of workers
A restaurant kitchen is an example of what system?
Production system
In Round 1, how did students work?
Alone/ Independently (craftspeople)
Tools that help workers produce more or better
Capital Goods
What is one downside of specialization?
If one person makes a mistake, the whole line can slow down
If 4 workers make 12 bookmarks, what is productivity?
3 per worker
Give one capital good used in a restaurant
Oven, blender, timers
In Round 2, what changed?
Students specialized/ used a production line
Skills and Knowledge workers gain through practice or training
human capital
In your bookmark activity, give one job students specialized in
2. Cutting
What increases productivity: working randomly or organizing jobs?
Organizing jobs
What is the opportunity cost of buying a new tool?
What you give up by spending that money
What was added in Round 3?
A capital good (ruler)
When each worker does one specific job
specialization
What is specialization MOST helpful for?
Tasks that are repeated many times
Give one example of something that slowed productivity in your round
Mistakes, running out of materials, unclear jobs
Why do factories train workers before starting a new job?
To build human capital and work more efficiently
Which round likely had the highest productivity
Round 3
Items used to make a product (materials, tools, workers)
Resources
Name one industry where specialization is used
Restaurants, Factories, Hospitals, Schools
Why do businesses care about productivity?
Higher productivity means they can make more products and earn more money
Name a job where workers specialize in one step of a much bigger process
Car factories, assembly lines, hospitals
Why were some bookmarks rejected during the activity?
They didn't meet quality standards