Economies
Tthe Trinidad and Tobago, Canada, France, Australia are examples
What is a mixed economy?
Rent, plant, insurance, electricity are examples of these types of costs
What are fixed costs?
This is the rate of which items are produced
What is productivity?
Production where there is little to no wastage
What is Efficiency?
the type of economy seen in seen in picture 1
Traditional economy
the reason that short run average cost curves are in the shape of a " U"
What are increasing and then decreasing marginal returns?
Other than the sole trader this type of firm may have unlimited liability on its owners
what is a general partnership?
Two types of capital
What are fixed, working and human?
two to the 3 resource allocation decisions
what to produce? how to produce? and for whom?
The increase in the cost due to an additional unit of output
What is the marginal cost?
what to produce? how to produce? and for whom to produce are...
what are the resource allocation questions?
The Increase in the investment in capital goods
What is capital formation?
Kim Jong Un is said to be a leader of this type of economy
What is a command type economy?
the cost curve that is labelled A in Picture 2
What is the average variable cost curves?
Firms are driven by this motive
What is the profit maximization motive?
One type of firm in the free market firm that has unlimited liability
What is the sole trader or general partnership ?
Another name for the Free Market economy
What is the Capitalist economy?
the Curve that is asymptotic to the axes
What is the fixed cost curve?
the Quaternary sector form part of this sector
What is the Tertiary sector?
Specifically, marketing, financial, managerial and technical are all example
What are internal Economies of scale?