Statistics for Economics: Topic 2, Year 2 Definitions

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Definition	Answer	% Correct
The successful exploitation of new ideas.	Innovation	75%
The time period in which it is possible to change the level of input of all of the factors of production.	Long Run	75%
The time period in which it is only possible to change the level of input of variable factors of production.	Short Run	75%
The difference between the total revenue of a firm and its total costs.	Profit	50%
Making the highest possible level of profit.	Profit Maximisation	50%
The sum of fixed costs and variable costs.	Total Costs	50%
Any profit over and above the level of normal profit.	Abnormal Profit	25%
The total costs divided by the number of units produced.	Average Costs	25%
The average receipt of money for each good or service that is sold.	Average Revenue	25%
The creation of a new idea or product.	Invention	25%
The addition to total costs arising from making one more item.	Marginal Costs	25%
The addition to total revenue as a result of the sale of one more unit of output.	Marginal Revenue	25%
The minimum level of profit needed to keep a firm operating in its present market.	Normal Profit	25%
The total money received from the sale of a firm's goods and services. It can also refer to the total money received from the sale of a particular good or service.	Total Revenue	25%
The quantity of output produced per unit of input.	Average Returns	0%
Occurs if the percentage increase in output is equal to the percentage increase in input.	Constant Returns to Scale	0%
An incessant process by which innovation and new technology constantly lead to the introduction of new production units that replace outdated ones.	Creative Destruction	0%
Occurs if the percentage change in output is less than the percentage increase in input.	Decreasing Returns to Scale	0%
Occurs if the percentage increase in output is greater than the percentage increase in input.	Increasing Returns to Scale	0%
The additional quantity of output produced by one extra unit of input.	Marginal Returns	0%
The lowest level of output at which long-run average cost is minimised.	Minimum Efficient Scale	0%
The proportionate change in output of a firm or industry resulting from a proportionate increase in all inputs.	Returns to Scale	0%
Describes the process of adapting new applications of practical or mechanical sciences to industry and commerce.	Technological Change	0%
The quantity of output produced by a given quantity of inputs over a period of time.	Total Returns	0%