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