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10 cards from this deck
Output from specific quantity of inputs within a given timeframe
Production = total output; productivity = output per input ratio
Major method for businesses to increase productivity
Workers specialise in particular tasks in production process
Cost-saving advantages from firm expanding scale of operations
Most efficient production level with lowest average costs
Cost disadvantages when firm expands beyond certain point
Firms gain efficiency through practice and repetition over time
Advantages from industry growth, not firm's own operations
Disadvantages from industry growth beyond firm's control
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