Production Definitions

?
  • Created by: lyd_kate
  • Created on: 15-11-16 17:54
Specialisation
The production of a limited range of goods by an individual factor of production or firm or country.
1 of 10
Division
Breaking the production process down into a sequence of tasks, with workers assigned to particular tasks.
2 of 10
Production
The process that converts factor inputs into outputs of goods and services.
3 of 10
Fixed Cost
Cost of production that doesn't change throughout production e.g. wages, rent.
4 of 10
Variable Cost
Cost of production that vary with output. e.g. raw materials
5 of 10
Economies of Scale
Where an increase in the scale of production leads to reductions in average total costs for firms.
6 of 10
Diseconomies of Scale
Where an increase in the scale of production leads to an increase in average total costs for firms.
7 of 10
Competition
A market situation in which there are a large number of buyers and sellers.
8 of 10
Monopoly
A market structure dominated by a single seller of a good.
9 of 10
Productivity
Output per unit of input per time period
10 of 10

Other cards in this set

Card 2

Front

Breaking the production process down into a sequence of tasks, with workers assigned to particular tasks.

Back

Division

Card 3

Front

The process that converts factor inputs into outputs of goods and services.

Back

Preview of the back of card 3

Card 4

Front

Cost of production that doesn't change throughout production e.g. wages, rent.

Back

Preview of the back of card 4

Card 5

Front

Cost of production that vary with output. e.g. raw materials

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Production and efficiency resources »