Costs of Production
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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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JackEatonK98
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