Hint
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Answer
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What is the term for converting inputs or factor services into outputs of goods and services?
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Production
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Ouput per unit of input is...
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Productivity
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'____ ___' production is when a firm changes the scale of all the factors of production....
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Long-run
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Output per worker is...
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Labour productivity
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Output per unit of capital is...
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Capital productivity
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The buying and selling of goods and services is called...
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Trade
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'_____ ___' production is when a firms adds variable factors of production to fixed factors of production...
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Short-run
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Total sales revenue minus total costs of production equals
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Profit
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The time period in which at least one factor of production is fixed and cannot be varied is the '______ ___'
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Short run
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A worker only performing one task or a narrow range of tasks or a firm choosing to produce a particular good or type of good is called '_________'
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Specialisation
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The time in which no factors of production are fixed and in which all factors can be varied...
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Long run
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A cost changes with the amount produced, even in the short run, is a '______' cost
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Variable
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(Fixed cost)+(Variable cost) of producing at a particular level of output is '_____' cost
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Total
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LRAC curves and SRAC curves are shaped like which letter of the alphabet?
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U
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In an '_______ __ _____' as output increases, long run average cost falls
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Economy of scale
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Money is a medium of '__________'
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Exchange
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In a '________ __ _____' as output increases, long run average cost rises
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Diseconomy of scale
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Cost saving from growth of a firm itself is an '_______' economy of scale
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Internal
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A cost of production that, in the short run, does not change with output is a '______' cost
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Fixed
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Cost saving resulting from industry growth or the market of which a firm is part of is an '______' economy of scale.
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External
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All the money received by a firm from selling its total output is
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Total revenue
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Different workers being split into each performing different tasks is the '______' of '______'
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Division of labour
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Total revenue divided by output is
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Average revenue
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The difference between labour productivity in the UK and other developed economies is the '________ ___'
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Productivity gap
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