3.1.4 Production, costs and revenue
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10 Terms
What is production?
The total output of goods and services produced by an individual, firm or country
What is productivity?
A measurement of the rate of production by one or more factors of production
What is the formula for productivity?
Productivity = total output per period of time / number of units of factors of production
What is the formula for labour productivity?
Labour productivity = total output per period of time / number of units of labour
Definition of labour productivity?
Output per worker per unit of time
What is specialisation?
Where an individual worker, firm, region or country produces a limited range of goods or services
What is division of labour?
Specialisation at the level of an individual worker
What is exchange?
Where one thing is traded for something else (e.g. an hour’s work is given in return for a set rate of pay)
What is a short run?
A period of time in which the availability of at least one factor of production is fixed
What is a long run?
A period of time over which all factors of production can be varied