Micro: Production, Costs And Revenue Flashcards
1
Q
What is productivity
A
Productivity refers to the output for a given input
2
Q
What does productivity measure
A
Productivity measures the output efficiency of firms and economies
3
Q
What does overall productivity feature
A
Overall productivity features all four factors of production
4
Q
What does the input in productivity refer to
A
The input refers to one of the factors of production
5
Q
What are inputs either
A
Inputs are either tangible or intangible
6
Q
What do outputs need
A
Outputs need to have a selling value
