Vietnam’s industries and markets are undergoing change. Division of labour is being used more widely across a number of industries. A growing number of markets are becoming more competitive, which is causing some firms to record 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 loss-making firm may carry on producing.
(c)[6]
Analyse the advantages that consumers may receive in a competitive market.
(d)[8]
Discuss whether or not a rise in a country’s manufacturing output will improve its 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 concentrating on particular tasks” …