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Production, costs and revenue

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

By: Elizabeth Akidi
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Decks in this class (8)

Production And Productivity
Define productivity,
Define labour productivity,
What does production do
5  cards
Specialisation, Division Of Labour And Exchange
What is specialisation,
Define division of labour,
As a result of the division of la...
30  cards
The law of diminishing returns and returns to scale
When does diminishing marginal re...,
What is diminishing marginal returns,
Define d
13  cards
Costs of production
Define short run,
Define long run,
Define variable costs
22  cards
Economies and diseconomies of scale
Define internal economies of scale,
Why do internal economies of scal...,
State the 6 types of internal eco...
32  cards
Marginal, average and total revenue
Define total revenue and state ho...,
Define average revue and state ho...,
Hat is average revue ar equal to
14  cards
Profit
Define profit and state how to ca...,
What is normal profit,
What is supernormal profit
15  cards
Technological change
Define invention,
Define innovation,
Describe how technology can incre...
12  cards

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Production, costs and revenue

  • Class purpose General learning

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