Flashcards
Unit 1- topic 3
Cards in this deck (16)
- 1MonoployA sole seller of a good or service
- 2OligopolyA few significant firms sell in a market
- 3Perfect competitionA market where there are many many sellers of a good or service
- 4Price takerA firm which has to accept the existing market price
- 5Price makerA firm which has an ability to set its own price
- 6Economics of scaleLong run average cost falls as output increases
- 7Dis economies of scaleAverage cost increases when output is too high
- 8Vertical intergrationJoining with another firm who is at an earlier or later stage of production
- 9Horizontal intergrationJoining with a firm with same stage of production on a similar market
- 10SpecialisationWhere you repeat the same task over and over again becoming more independent
- 11Division of labourSplitting up the job into its competent parts and specialising each task
- 12ProductivityOutput per worker
- 13Allocative efficiencyRight goods going to the right people
- 14Productive efficiencyOperate at lowest average cost
- 15Technical efficiencyIt gives minimum input to give maximum output
- 16AutomationCapital intensive production replacing labour intensive production
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- A-Level Economics Flashcards on Unit 1- topic 3, created by Chloe Coleman8363 on 04/02/2016.
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- Chloe Coleman8363
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