What kind of labor does the craft method require ?
Correct answer: B. High-cost, highly skilled
- A. Untrained and unskilled
- B. High-cost, highly skilled
- C. Lean skilled and motivated
- D. Untrained and unmotivated
Explanation
Craft production depends on workers who possess specialized skills and can produce complete or highly customized goods. Such labor is costly because training and expertise are required, unlike mass production, which relies more on unskilled labor.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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