Statistics for Economics: Topic 3, Year 1 Definitions

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This quiz has been taken 15 times
The average score is 8 of 23

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Definition	Answer	% Correct
Anything that is widely accepted in exchange for goods and services.	Money	71%
Measures the efficiency with which inputs are transformed into outputs.	Productivity	71%
Refers to specialisation by individual workers. It involves breaking down production into many different tasks, with each worker specialising in one task.	Division of Labour	57%
The trading of goods and services between sellers and buyers.	Exchange	57%
Costs that do not vary directly with output in the short run.	Fixed Costs	57%
The difference between the total revenue of a firm and its total costs.	Profit	57%
Occurs when an individual, firm, region or country concentrates on producing a limited range of products.	Specialisation	57%
The sum of fixed costs and variable costs.	Total Costs	57%
Costs that do vary directly with output in the short run.	Variable Costs	57%
The time period in which it is possible to change the levels of input of all of the factors of production.	Long Run	43%
The time period in which it is only possible to change the level of input of variable factors of production.	Short Run	43%
The income generated for a firm by the operations of one of its smaller components or divisons.	Division of Income	29%
A measure of the efficiency of Labour	Labour Productivity	29%
Making the highest possible level of profit.	Profit Maximisation	29%
The total money received from the sale of a firm's goods and services. Total revenue can also refer to the total money received from the sale of a particular good or service.	Total Revenue	29%
The total costs divided by the number of units produced.	Average Costs	14%
The disadvantages that an organisation experiences due to growth in the size of the industry within which it operates.	External Diseconomies of Scale	14%
The advantages that an organisation gains due to a growth in the size of the industry within which it operates.	External Economies of Scale	14%
The disadvantages that an organisation experiences due to an increase in size. These cause a decrease in productive efficiency and thus an increase in the average costs of production.	Internal Diseconomies of Scale	14%
The advantages that an organisation gains due to an increase in its size. These advantages cause an increase in productive efficiency and thus a decrease in the average costs of production.	Internal Economies of Scale	14%
Shows how the average costs of production change as output changes in the long run.	Long-run Average Costs	14%
Shows how the average costs of production change as output changes in the short run.	Short-run Average Costs	14%
The average receipt of money for each good or service that is sold.	Average Revenue	0%