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Economics
Micro
Economics - Production, Costs, and Revenue
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Cards (12)
Production
The total output of
goods
and services produced by an individual
firm
or country
Productivity
A measurement of the rate of
production
by one or more factors of production
Productivity
measure of how efficient an individual worker, firm or country is generating an
output
could be defined as the output per
factor
of production employed per
unit
of tiem
Productivity
total output per period of time/ number of units of
factor
of production
Labour Productivity
total
output
per
period of
time
/ number of units of labour
output per worker per unit of time
Specialisation
Where an individual worker, firm, region or country produces a limited range of
goods
or services
Division of Labour
specialisation
at the level of an individual worker
Exchange
where one thing is traded for something else
Short Run
a period of time in which the availability of at least one
factor
of production is fiexed
Long Run
a period of time over which all
factors of production
can be varied
Fixed Costs
costs of
production
that do not vary with the level of output in the
short run
Variable Cost
costs of production that vary with the level of
output
