Meaning of Scale of Production - SS1 Economics Past Questions and Answers - page 1
What does the scale of production refer to?
The size and volume of production output of a business
The location of a business
The number of employees in a business
The marketing strategy of a business
What is small-scale production?
Where businesses produce limited quantities of goods or services with limited resources and a small workforce
Where businesses produce a massive amount of goods or services with substantial resources and an extensive workforce
Where businesses produce a moderate amount of goods or services with more significant resources and a larger workforce
None of the above
What is medium-scale production?
Where businesses produce limited quantities of goods or services with limited resources and a small workforce
Where businesses produce a massive amount of goods or services with substantial resources and an extensive workforce
Where businesses produce a moderate amount of goods or services with more significant resources and a larger workforce
None of the above
What is large-scale production?
Where businesses produce limited quantities of goods or services with limited resources and a small workforce
Where businesses produce a massive amount of goods or services with substantial resources and an extensive workforce
Where businesses produce a moderate amount of goods or services with more significant resources and a larger workforce
None of the above
What is the impact of the scale of production on a business's costs?
It may increase or decrease the costs depending on the scale
It has no impact on a business's costs
It only increases the costs of production
It only decreases the costs of production
What are the three primary types of scales of production?
The three primary types of scales of production include:
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Small-scale production - where businesses produce limited quantities of goods or services with limited resources and a small workforce.
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Medium-scale production - where businesses produce a moderate amount of goods or services with more significant resources and a larger workforce.
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Large-scale production - where businesses produce a massive amount of goods or services with substantial resources and an extensive workforce.