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Explain the following terminologies in economics

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Economics Terms Explained:

* Spreading the overhead.
* A break-even level of production.
* The efficiency of mass production?

How does the theory of efficient production apply to managers of government bureaus or departments that are not run for profit? How about non-profit clubs that collect just enough dues from their members to cover the cost of operation?

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Solution Summary

Terms used in economics are explained as well as the theory of efficient production.

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* Spreading the overhead.
Spreading the overhead means reducing the average fixed cost by increasing the production.

* A break-even level of production.
A break-even level of production is the point where the profit is zero, or where cost equals revenue.

* The efficiency of mass production?
The efficiency of mass production is to generate more revenue for each unit cost.

How does the theory of efficient production apply to managers of government bureaus or departments that are not run for profit? How about non-profit ...

Solution provided by:
Chris Busu, PhD (IP)
Education
  • BSc, University of Bucharest
  • MSc, Ovidius
  • MSc, Stony Brook
  • PhD (IP), Stony Brook
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