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Economics: Topic 3, Year 1 Definitions - Statistics

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  • This quiz has been taken 19 times
  • The average score is 8 of 23
Answer Stats
Definition Answer % Correct
Anything that is widely accepted in exchange for goods and services. Money
70%
The sum of fixed costs and variable costs. Total Costs
70%
Costs that do not vary directly with output in the short run. Fixed Costs
60%
Measures the efficiency with which inputs are transformed into outputs. Productivity
60%
The difference between the total revenue of a firm and its total costs. Profit
60%
Costs that do vary directly with output in the short run. Variable Costs
60%
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
50%
The trading of goods and services between sellers and buyers. Exchange
50%
The time period in which it is possible to change the levels of input of all of the factors of production. Long Run
50%
The time period in which it is only possible to change the level of input of variable factors of production. Short Run
50%
Occurs when an individual, firm, region or country concentrates on producing a limited range of products. Specialisation
50%
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
40%
The total costs divided by the number of units produced. Average Costs
30%
Making the highest possible level of profit. Profit Maximisation
30%
The income generated for a firm by the operations of one of its smaller components or divisons. Division of Income
20%
A measure of the efficiency of Labour Labour Productivity
20%
The average receipt of money for each good or service that is sold. Average Revenue
10%
The disadvantages that an organisation experiences due to growth in the size of the industry within which it operates. External Diseconomies of Scale
10%
The advantages that an organisation gains due to a growth in the size of the industry within which it operates. External Economies of Scale
10%
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
10%
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
10%
Shows how the average costs of production change as output changes in the long run. Long-run Average Costs
10%
Shows how the average costs of production change as output changes in the short run. Short-run Average Costs
10%
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