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1.2 Producer decisions Flashcards | StudBud
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1.2 Producer decisions
1.2 Producer decisions
20 terms
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StudBud Administration
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259 plays
review of the first half of the course
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which is not an advantage of using renewable resources?
long term supply
sustainability
short term cost
environmental protection
2
The owner represents which factor of production?
Labour
Entrepreneurship
Land
Capital
3
Which is most likely to be referred to as a renewable resource?
Plastic
Whales
Pine trees
Coal
4
What symbols indicate limited liability?
SOE
NGO
Ltd
Inc
5
The picture below is a good example of
Bottlenecks
Price competition
Product differentiation
Productivity
6
What is the goal of just doing enough to survive?
Providing employment
Profit maximisation
Care for the environment
Satisficing
7
The percentage of sales compared to competitors is called...
Profitability
Satisficing
Partnership
Market Share
8
Giving interest free terms is an example of..
Productivity
Price Competition
Diseconomies of Scale
Non-Price Competition
9
Rent is the factor reward for which factor of production?
Capital
Labour
Land
Entrepreneurship
10
Capital intensive best refers to....
non-renewables
higher investment
relatively more machines used
Government rulings
11
What is indicated in the graph by the letter A?
Economies of Scale
Marginal costs
Diseconomies of Scale
Productive costs
12
Becoming an expert in a job is referred to as...
Division of labour
Kaitiakitanga
Productivity
Specialisation
13
What is the main reason for diversification?
reducing risk
increase market share
increasing profits
expanding into new areas
14
Looking after resources for generations is best referred to as...
Kaitiakitanga
Sustainability
Renewable resources
Technical Optimum
15
What is the main goal of a producer?
Increase productivity
Maximise profits
Increase market share
Be kind to their workers
16
Average cost is calculated by......
Profit/ Output
Sales x cost per item
Total Cost/ output
Total cost/sales
17
A business organisation with only one owner could be called a..
NGO
Partnership
Company
Sole trader
18
Which is a reason for diseconomies of scale?
Bottlenecks
Communication breakdown
Bulk buying
Technical Economies
19
How is productivity calculated?
Output/Total cost
Output/input
Output/labour hours
Products produced
20
What is the the lowest point on graph called?
Technical optimum
Average cost
Break even
Economies of Scale
