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4.2

Organization of Production 4.2

TermDefinition
Value Added Profit plus wages. Its the difference between the price at which an output is sold and the cost of the natural and man-made resources used to produce that output.
Industry A group of firms specializing in similar goods and services, or using similar production processes
Manufacturing Turning unprocessed natural resources and other unfinished components and materials into other goods.
Primary Industries Industries that extract or produce natural resources, including farming and mining.
Secondary Industries Manufacturing and construction industries
Tertiary Industries Industries that provide services
Profit TR-TC, A reward for enterprise and risk taking in business. It is a surplus of revenue in a firm over its costs of production.
Productivity A measure of the amount of output that can be produced per unit of output. It is therefore a measure of how efficiently resources are being used in production.
Average Labour Productivity The average product per unit of labour per period of time, i.e. total output/total units of labour
Division of Labour The separation of a work process into a number of tasks, with each task performed by a separate employee or group of employees.
Factor substitution Replacing one factor of production in a production process with another, e.g. using machines to complete tasks previously undertaken by labour
Fixed Costs Costs, such as insurance premiums and telephone line rental, which do not vary directly with output in the short run
Total Variable Costs The sum of costs that vary directly with the amount produced, such as the cost of materials and components. TOxVC per unit
Total Cost The sum of total fixed costs and total variable costs for a given level of output.
Total Revenue Price per unit x number of units sold
Average Revenue Total revenue/number of units sold
Average Cost TC/TO, The cost pet unit of output produced. Cost per unit tends to fall as output is increased because fixed costs remain unchanged.
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