After studying chapter 8, you MUST be able to

Distinguish among the four factors of production

Calculate the labour supply

State the ways to improve labour productivity

State the advantages and disadvantages of each payment method

State the TWO functions of an entrepreneur

Define geographical mobility and occupational mobility

Labour supply does not mean the quantity of man available for work, it refers to the amount of man-hour supplied

Average labour productivity measures output per unit of labour input e.g. output per man-hour

= ( value of total output or total number of output ) / labour supply ( in terms of manhours )