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Micro 4.1.4 Production, costs and revenue

This class was created by Brainscape user Ose Agbon. Visit their profile to learn more about the creator.

By: Ose Agbon
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Decks in this class (8)

4.1.4.1 Production and productivity
Short run production,
Long run production,
Productivity
8  cards
4.1.4.8 Technological change
Define technological change,
Define innovation,
Define invention
15  cards
4.1.4.7 Profit
Profit,
The role of profit in an economy,
Normal profit
4  cards
4.1.4.6 Marginal, average and total revenue
What is revenue,
Total revenue,
Profit
11  cards
4.1.4.5 Economies and diseconomies of scale
Economies of scale,
Diseconomies of scale,
Minimum efficient scale
17  cards
4.1.4.3 The law of diminishing returns and returns to scale
Law of diminishing returns,
Explain the law of diminishing ma...,
Short run
7  cards
4.1.4.4 Costs of production
Fixed costs,
Variable costs,
Marginal costs
26  cards
4.1.4.2 Specialisation, division of labour and exchange
What is specialisation,
What is an example of regional sp...,
What is specialisation by individ...
19  cards

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Micro 4.1.4 Production, costs and revenue

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