Costs of Production
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | A period of time during which at least one factor of production is fixed
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| What is the long run? | show 🗑
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| show | A cost incurred by a firm when it pays money for something
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| What is an implicit cost? | show 🗑
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| show | A cost which does not change with output
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| What is a variable cost? | show 🗑
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| show | Cover their fixed costs
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| What does the law of diminishing marginal returns say? | show 🗑
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| show | The average cost to produce one unit of a good
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| What is normal profit? | show 🗑
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| What is a marginal cost? | show 🗑
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| show | Specialisation of labour & Greater spread of fixed costs
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| show | The law of diminishing marginal returns
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| show | By joining the minimum point of all the short run average cost curves
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| Name 9 internal economies of scale | show 🗑
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| show | Better infrastructure, specialist service firms, R&D units, Subsidiary trades, availability of training courses, supports from public bodies.
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| Define internal economy of scale | show 🗑
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| Define external economy of scale | show 🗑
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| show | Forces within a firm that cause the average cost of a firm to increase as it grows in size
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| Define external diseconomies of scale | show 🗑
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| show | Poor decision making, fall in morale, communication problems, control issues, increase in admin costs
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| show | Shortages of factors of production, raw material shortage, infrastructural problems
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| Define returns to scale | show 🗑
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| Give six reasons small businesses survive in Ireland | show 🗑
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| show | Quicker decision making, high output per head, fewer HR problems, lower overheads.
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| What is a social cost? | show 🗑
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| show | When a consumer undertakes an action which benefits a third party for which they are not compensated
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| show | When an action undertaken by a consumer which imposes a cost on a third for which they are not compensated
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| show | When a producer carries out an activity which benefits a third party for which they are not compensated
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| show | When a producer carries out an activity which imposes a cost on a third party for which they are not compensated
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| Define average revenue | show 🗑
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| show | The additional revenue earned by selling an additional unit of a product
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| When should a company produce? | show 🗑
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| show | Average revenue must at least equal average cost
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Created by:
JackEatonK98
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