Definition Flashcards
1
Q
Short run
A
Period over some factored of production are fixed (land, l’abord, capital and entrepreneurship )
2
Q
Long run
A
Period over all factors of production are variable
3
Q
Breakeven
A
Seuil de rentabilité/point mort
4
Q
Shutdown
A
Arrêt
5
Q
Breakeven output quantity
A
Total revenue (TR) couvre fixed AND variable cost
6
Q
Economies of scale
A
Labor specialization, mass production, investments in more efficient equipment and technology. Minimum efficient scale: ATC au minimum and relativement flat or constant
7
Q
Diseconomies of scale
A
Increasing bureaucracy and inefficiency or larger firm
