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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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Question
Answer
show A period of time during which at least one factor of production is fixed  
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show A period of time during which all factors of production are variable  
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What is an explicit cost?   show
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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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What should all companies do in the short term?   show
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show As more of a variable factor is added to a fixed factor a point will be reached at which the use of one additional unit of a variable factor will cause an increase in output less than that of the previous unit used  
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Define average cost   show
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show The return that sufficiently rewards the risk taking of an entrepreneur  
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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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show Use of machinery, division of labour, construction savings, purchasing economies, shipping economies, financial economies, marketing economies, management economies, 24 hour production.  
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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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show Forces within a firm that cause the average cost of a firm to decline as it grows in size  
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show Forces outside a firm that cause the average cost of a firm to decline as it grows in size  
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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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show Forces outside a firm that cause the average cost of a firm to increase as it grows in size  
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Name 5 internal diseconomies of scale   show
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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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Name four benefits of small scale enterprises   show
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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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What is an internal diseconomy of production?   show
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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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What condition must be satisfied if a firm is to survive in the long run?   show
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Created by: JackEatonK98
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