Production Definitions 0.0 / 5 ? EconomicsProduction and efficiencyASAQA Created by: lyd_kateCreated 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
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