Unit+4+The+firm+as+a+producer+and+employer


 * Production **
 * Here we are looking at the following syllabus areas **
 * **define total and average cost, fixed and variable cost and perform simple calculations; **
 * **analyse particular situations to show changes in total and average cost as output changes; **
 * **define total and average revenue and perform simple calculations; **
 * __describe and evaluate integration, economies and diseconomies of scale;__


 * **describe the type of business organisation in the public and private sectors: sole proprietors, partnerships, **
 * **private limited companies, public limited companies, multinationals, co-operatives, public corporations; **
 * **describe and evaluate the effects of changes in the structure of business organisations; **


 * ** describe what determines the demand for factors of production; **
 * ** distinguish between labour-intensive and capital-intensive production; **
 * ** define productivity and recognise the difference between productivity and production; **




 * **describe the principle of profit maximisation as a goal and recognise that business organisations may have different goals;**

> **describe the main reasons for the different sizes of firms (size of market, capital, organisation); **
 * describe pricing and output policies in perfect competition and monopoly; **discuss the advantages and disadvantages of monopoly. **

**The end of unit test will be a mix of multiple choice and extended response question**s