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If companies exploit economies of scale, they ...
Experience fall in average prices while increasing production
If companies exploit diseconomies of scale, they ...
Experience rise in average prices
Name any of the internal economies of scale
Purchasing/Marketing/Technical/Financial/Managerial/Risk-bearing
Name any of the external economies of scale
Skilled labour/Infrastructure/Commercial services/Cooperation
What is meant by the term Bureaucracy?
System of administration that uses a large number of departments and officials
State one limit to growth
Lack of finance/Nature of the market/Lack of managerial skills/Lack of motivation
Define the term Production
Transformation of raw materials into finished goods
Construction of an office block is an example of which type of production?
Job production
What is meant by Job production?
Method of production that involves using all factors of production to complete one unit of output at a time
Production of an armrest for an aircraft seat is an example of which type of production?
Batch production
What is meant by Batch production?
Completing one operation at a time on all units before performing the next
Production of metal cans is an example of which type of production?
Flow production
What is meant by flow production?
Large-scale production of a standard product
What is labour-intensive production?
Production that makes more use of labour than machinery
What is capital-intensive production?
Production that makes more use of capital than labour
What is the formula to measure labour productivity?
Total output/Number of workers
