Industries and markets in Vietnam are undergoing change. Division of labour is being used more widely across a range of industries. As competition rises in many markets, some firms are now making losses. In 2018, manufacturing was Vietnam’s strongest sector, and manufacturing output rose by 13%.
(a)[2]
Define the term division of labour.
(b)[4]
Explain two reasons why a firm making a loss may still keep producing.
(c)[6]
Analyse the advantages that consumers may receive from a competitive market.
(d)[8]
Discuss whether an increase in a country’s manufacturing output will lead to higher economic development.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Workers focus on particular or repetitive tasks” …