2.6- Production
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/8
Earn XP
Description and Tags
Last updated 9:52 AM on 10/12/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
9 Terms
1
New cards
Production
Refers to the total output of G/S produced by a firm or industry in a period of time
2
New cards
Productivity
Measure of degree of efficiency in the use of FoP. Output per unit
3
New cards
Total Costs
All the costs of the firm added together. TC= FC+VC
4
New cards
Average Costs
The cost of producing one unit. TC/Output
5
New cards
Total Revenue
The total income of a firm from the sale of its G/S
6
New cards
Average Revenue
Revenue per unit sold. TR/Output
7
New cards
Loss
When a firms revenue is less than its costs. TC>TR
8
New cards
Internal Economies of Scale
Result of growth of the firm itself, leading to a fall in average costs
9
New cards
External Economies of Scale
Cost advantages a firm can gain when an industry grows in size, leading to a fall in average costs