\documentclass[10pt,a4paper]{article} % Packages \usepackage{fancyhdr} % For header and footer \usepackage{multicol} % Allows multicols in tables \usepackage{tabularx} % Intelligent column widths \usepackage{tabulary} % Used in header and footer \usepackage{hhline} % Border under tables \usepackage{graphicx} % For images \usepackage{xcolor} % For hex colours %\usepackage[utf8x]{inputenc} % For unicode character support \usepackage[T1]{fontenc} % Without this we get weird character replacements \usepackage{colortbl} % For coloured tables \usepackage{setspace} % For line height \usepackage{lastpage} % Needed for total page number \usepackage{seqsplit} % Splits long words. %\usepackage{opensans} % Can't make this work so far. Shame. Would be lovely. \usepackage[normalem]{ulem} % For underlining links % Most of the following are not required for the majority % of cheat sheets but are needed for some symbol support. \usepackage{amsmath} % Symbols \usepackage{MnSymbol} % Symbols \usepackage{wasysym} % Symbols %\usepackage[english,german,french,spanish,italian]{babel} % Languages % Document Info \author{nelaorav} \pdfinfo{ /Title (production.pdf) /Creator (Cheatography) /Author (nelaorav) /Subject (Production Cheat Sheet) } % Lengths and widths \addtolength{\textwidth}{6cm} \addtolength{\textheight}{-1cm} \addtolength{\hoffset}{-3cm} \addtolength{\voffset}{-2cm} \setlength{\tabcolsep}{0.2cm} % Space between columns \setlength{\headsep}{-12pt} % Reduce space between header and content \setlength{\headheight}{85pt} % If less, LaTeX automatically increases it \renewcommand{\footrulewidth}{0pt} % Remove footer line \renewcommand{\headrulewidth}{0pt} % Remove header line \renewcommand{\seqinsert}{\ifmmode\allowbreak\else\-\fi} % Hyphens in seqsplit % This two commands together give roughly % the right line height in the tables \renewcommand{\arraystretch}{1.3} \onehalfspacing % Commands \newcommand{\SetRowColor}[1]{\noalign{\gdef\RowColorName{#1}}\rowcolor{\RowColorName}} % Shortcut for row colour \newcommand{\mymulticolumn}[3]{\multicolumn{#1}{>{\columncolor{\RowColorName}}#2}{#3}} % For coloured multi-cols \newcolumntype{x}[1]{>{\raggedright}p{#1}} % New column types for ragged-right paragraph columns \newcommand{\tn}{\tabularnewline} % Required as custom column type in use % Font and Colours \definecolor{HeadBackground}{HTML}{333333} \definecolor{FootBackground}{HTML}{666666} \definecolor{TextColor}{HTML}{333333} \definecolor{DarkBackground}{HTML}{FFAA88} \definecolor{LightBackground}{HTML}{FFF4F0} \renewcommand{\familydefault}{\sfdefault} \color{TextColor} % Header and Footer \pagestyle{fancy} \fancyhead{} % Set header to blank \fancyfoot{} % Set footer to blank \fancyhead[L]{ \noindent \begin{multicols}{3} \begin{tabulary}{5.8cm}{C} \SetRowColor{DarkBackground} \vspace{-7pt} {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}} } \end{tabulary} \columnbreak \begin{tabulary}{11cm}{L} \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Production Cheat Sheet}}}} \\ \normalsize{by \textcolor{DarkBackground}{nelaorav} via \textcolor{DarkBackground}{\uline{cheatography.com/167833/cs/35439/}}} \end{tabulary} \end{multicols}} \fancyfoot[L]{ \footnotesize \noindent \begin{multicols}{3} \begin{tabulary}{5.8cm}{LL} \SetRowColor{FootBackground} \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}} \\ \vspace{-2pt}nelaorav \\ \uline{cheatography.com/nelaorav} \\ \end{tabulary} \vfill \columnbreak \begin{tabulary}{5.8cm}{L} \SetRowColor{FootBackground} \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}} \\ \vspace{-2pt}Not Yet Published.\\ Updated 13th November, 2022.\\ Page {\thepage} of \pageref{LastPage}. \end{tabulary} \vfill \columnbreak \begin{tabulary}{5.8cm}{L} \SetRowColor{FootBackground} \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}} \\ \SetRowColor{white} \vspace{-5pt} %\includegraphics[width=48px,height=48px]{dave.jpeg} Measure your website readability!\\ www.readability-score.com \end{tabulary} \end{multicols}} \begin{document} \raggedright \raggedcolumns % Set font size to small. Switch to any value % from this page to resize cheat sheet text: % www.emerson.emory.edu/services/latex/latex_169.html \footnotesize % Small font. \begin{multicols*}{3} \begin{tabularx}{5.377cm}{x{1.29402 cm} x{3.68298 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Production}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Production}} & making Gs or providing Ss to in order to satisfy people's needs and wants \tn % Row Count 3 (+ 3) % Row 1 \SetRowColor{white} {\bf{Producers}} & those who make/provide Gs\&Ss \tn % Row Count 5 (+ 2) % Row 2 \SetRowColor{LightBackground} {\bf{Inputs}} & factors of production - land, labour and capital \tn % Row Count 7 (+ 2) % Row 3 \SetRowColor{white} {\bf{Outputs}} & Gs \& Ss produced \tn % Row Count 9 (+ 2) \hhline{>{\arrayrulecolor{DarkBackground}}--} \SetRowColor{LightBackground} \mymulticolumn{2}{x{5.377cm}}{Production process is not complete {\bf{{\emph{until the Gs \& Ss actually reach the consumers}}}}. Parts of the process are also the warehouses, transportation, insurance, etc.} \tn \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{X} \SetRowColor{DarkBackground} \mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Production process}} \tn \SetRowColor{LightBackground} \mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/nelaorav_1668335429_production process.JPG}}} \tn \hhline{>{\arrayrulecolor{DarkBackground}}-} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{1.34379 cm} x{3.63321 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Production adds value to resources}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Value added}} & the difference between the market price paid for a product by a consumer and the cost of the natural and man-made materials, components and resources used to make it \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} & the increase in the value of the resources and the market price paid for the final product or service \tn % Row Count 10 (+ 4) \hhline{>{\arrayrulecolor{DarkBackground}}--} \SetRowColor{LightBackground} \mymulticolumn{2}{x{5.377cm}}{{\bf{{\emph{Value added = profit + wages}}}}} \tn \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Valuation of nonmarket housework}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Calculation of the value of Gs \& Ss produced in a country by economists}} & some can't be calculates (washing dishes, cleaning your room, housework, since we can't put price on them) \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} & how much will people pay for Gs \& Ss \tn % Row Count 8 (+ 2) % Row 2 \SetRowColor{LightBackground} {\bf{Gender disparity}} & housework is still usually provided by women \tn % Row Count 11 (+ 3) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{0.9954 cm} x{3.9816 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The aims/objectives of firms}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Aims}} & most private sector firms aim to maximize their profit \tn % Row Count 2 (+ 2) % Row 1 \SetRowColor{white} & there are also different types of organizations such as charities, not-for-profit organizations or public sector organizations \tn % Row Count 6 (+ 4) % Row 2 \SetRowColor{LightBackground} {\bf{Profit}} & surplus of revenue over costs \tn % Row Count 8 (+ 2) % Row 3 \SetRowColor{white} & reward for enterprise and risk taking, usually the main motivation for the producers \tn % Row Count 11 (+ 3) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Maximizing profits}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Profit maximization}} & involves choosing factor inputs, production methid, outputs and prices that will earn a firm the greatest amount of profit possible \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} & maximizing the difference between its total costs and total revenues \tn % Row Count 9 (+ 3) \hhline{>{\arrayrulecolor{DarkBackground}}--} \SetRowColor{LightBackground} \mymulticolumn{2}{x{5.377cm}}{Selling Gs \& Ss earn {\bf{revenue}} for the firm. {\bf{Profit}} is what is left from revenue after all costs are deducted.} \tn \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Profit in economics}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{pure profit}} for economist & {\bf{{\emph{revenue - (all costs + OC)}}}} \tn % Row Count 2 (+ 2) % Row 1 \SetRowColor{white} {\bf{proft}} for an entrepreneur & {\bf{{\emph{value of sales - costs}}}} \tn % Row Count 4 (+ 2) % Row 2 \SetRowColor{LightBackground} & costs are wages, materials and other costs \tn % Row Count 6 (+ 2) \hhline{>{\arrayrulecolor{DarkBackground}}--} \SetRowColor{LightBackground} \mymulticolumn{2}{x{5.377cm}}{In economics is also included the {\bf{opportunity cost of production or the cost of the next best alternative use}} in costs.} \tn \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Other objectives}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Social entrepreneurs}} & people who organize resources and activities to hepl adress social and environmental issues over maximizing their profit \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} & they usually reinvest any profit or surplus of the revenue left into reaching their social or environmental goals \tn % Row Count 12 (+ 6) % Row 2 \SetRowColor{LightBackground} {\bf{Social enterprises}} & firms created by social entrepreneurs \tn % Row Count 14 (+ 2) % Row 3 \SetRowColor{white} & examples in health and social care, retailing, renewable energy, recycling, education, also it could be a charity, etc. \tn % Row Count 20 (+ 6) % Row 4 \SetRowColor{LightBackground} {\bf{Examples of social enterprises}} & {\bf{{\emph{Providing a public service}}}} - education or healthcare, etc. \tn % Row Count 24 (+ 4) % Row 5 \SetRowColor{white} & {\bf{{\emph{*Providing a charity}}}} - the Britsh Heart Foundation, theRSPCA, etc. \tn % Row Count 28 (+ 4) % Row 6 \SetRowColor{LightBackground} & {\bf{{\emph{Non-profit organizations}}}} - buldings societies or local clubs helping people, etc. \tn % Row Count 33 (+ 5) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The stages of production}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Industrial sectors}} & group of firms specializing in similar Gs \& Ss, or using similar production process \tn % Row Count 5 (+ 5) % Row 1 \SetRowColor{white} {\bf{{\emph{Primary industry}}{\bf{}}/extractive sector}} & produce natural resources by growing plants, digging for mineral, or breeding animals, etc. \tn % Row Count 10 (+ 5) % Row 2 \SetRowColor{LightBackground} & primary means it is the first stage of production \tn % Row Count 13 (+ 3) % Row 3 \SetRowColor{white} & {\bf{examples: crop and animal productioin, forestry, fishing, mining, oil and gas extractioon, etc.}} \tn % Row Count 18 (+ 5) % Row 4 \SetRowColor{LightBackground} {\bf{{\emph{Secondary industry}}}} & uses raw materials from PS for production of Gs - {\bf{manufacturing}} \tn % Row Count 22 (+ 4) % Row 5 \SetRowColor{white} & {\bf{examples: food processing, textiles, paper, chemicals, oils and gas refining, pharmaceuticals, water treatment and supply, electric power generation, transmission and distribution, construction}} \tn % Row Count 32 (+ 10) \end{tabularx} \par\addvspace{1.3em} \vfill \columnbreak \begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The stages of production (cont)}} \tn % Row 6 \SetRowColor{LightBackground} {\bf{{\emph{Tertiary industry}}}} & these are firms selling Gs, transporting them or providing financial services (banks, insurance companies, building societies, etc.), schools, health servise and many other personal services. \tn % Row Count 10 (+ 10) % Row 7 \SetRowColor{white} & they provide the final link in the chain of production by selling to the consumers \tn % Row Count 15 (+ 5) % Row 8 \SetRowColor{LightBackground} & {\bf{examples: wholesailing, retailing, transportation and storage, accommodation services, publishing and broadcasting, telecommunication, education, etc.}} \tn % Row Count 23 (+ 8) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Organizing production}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Individual production}} & one person produces the product alone (craftsman), it is a slow process \tn % Row Count 3 (+ 3) % Row 1 \SetRowColor{white} {\bf{Specalized production}} & organizing the labour into tasks, quicker method of production, each person specializes in something different and does only that particular operation \tn % Row Count 10 (+ 7) % Row 2 \SetRowColor{LightBackground} {\bf{Self-sufficient}} & you can produce everything you need yourself - our ancestors \tn % Row Count 13 (+ 3) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The division of labour}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Division of labour}} & the dividing up of the production process into a number of tasks, with each one completed by a different worker or group of employees \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} {\bf{Advantages of the DoL}} & {\bf{{\emph{more Gs \& Ss can be produced}}}} as the produciton process is quicker \tn % Row Count 9 (+ 3) % Row 2 \SetRowColor{LightBackground} & {\bf{{\emph{full use is made of abilities of employees}}}} as firms choose which employee will perfor which task and they are increasing their skills \tn % Row Count 15 (+ 6) % Row 3 \SetRowColor{white} & {\bf{{\emph{it allows the use of machinery}}}} as it allows further saving of time and effort \tn % Row Count 19 (+ 4) % Row 4 \SetRowColor{LightBackground} {\bf{Disadvantages of DoL}} & {\bf{{\emph{work may become boring}}}} due to a constatnt repetition of tasks \tn % Row Count 22 (+ 3) % Row 5 \SetRowColor{white} & {\bf{{\emph{workers may feel alienated}}}} as workers may feel undervalued since they no longer see the final resut of their efforts \tn % Row Count 28 (+ 6) % Row 6 \SetRowColor{LightBackground} & {\bf{{\emph{people become too dependent upon each other}}}} since they only perform one task they are forced to wait for the worker before them to finish their part \tn % Row Count 35 (+ 7) \end{tabularx} \par\addvspace{1.3em} \vfill \columnbreak \begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The division of labour (cont)}} \tn % Row 7 \SetRowColor{LightBackground} & {\bf{{\emph{products are all the same}}}} as the same actions are performed over and over again with no alternation only on special ocassions \tn % Row Count 6 (+ 6) % Row 8 \SetRowColor{white} {\bf{Factor substitution}} & when labour is replaced with capital equipment and industrial robots with higher efficiency \tn % Row Count 10 (+ 4) \hhline{>{\arrayrulecolor{DarkBackground}}--} \SetRowColor{LightBackground} \mymulticolumn{2}{x{5.377cm}}{{\bf{{\emph{With specialization people need to trade to obtaing everything they need.}}}}} \tn \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.04057 cm} x{2.93643 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Worldwide specialization}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Worldwide specialization}} & different countries specialize in different industries \tn % Row Count 3 (+ 3) % Row 1 \SetRowColor{white} & Cuba in cigars, Japan in electronic, Swiss in watches, Scotch in whisky, etc. \tn % Row Count 7 (+ 4) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Production and time}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Increase in production}} & if firm wishes to increase the production usually they enforce the labour with more people employed or ask their labour to work overtime \tn % Row Count 6 (+ 6) % Row 1 \SetRowColor{white} & obtaining resources such as land, capital goods, oil or coal can take long time \tn % Row Count 10 (+ 4) % Row 2 \SetRowColor{LightBackground} {\bf{Time periods}} & {\bf{{\emph{Momentary run}}}} is the period of time during which firm can't increase production (no longer than a day) \tn % Row Count 15 (+ 5) % Row 3 \SetRowColor{white} & {\bf{{\emph{Short run}}}} is the period of time during which firm can increase the production only by increasing the labour (labour is vairable factor while land and capital stay fixed) \tn % Row Count 23 (+ 8) % Row 4 \SetRowColor{LightBackground} & {\bf{{\emph{Long run}}}} is the period of time when firm employs more of all factors of production \tn % Row Count 27 (+ 4) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} \begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Changes in inputs and outputs in the short run}} \tn % Row 0 \SetRowColor{LightBackground} {\bf{Total product}} & refers to the entire amount of output produced by all the employers together \tn % Row Count 4 (+ 4) % Row 1 \SetRowColor{white} {\bf{Average product}} & the amount of products produced by one worker \tn % Row Count 7 (+ 3) % Row 2 \SetRowColor{LightBackground} & {\bf{{\emph{AV = total product/number of workers}}}} \tn % Row Count 9 (+ 2) % Row 3 \SetRowColor{white} {\bf{Marginal product}} & the amount of output produced by one extra unit of labour added \tn % Row Count 12 (+ 3) % Row 4 \SetRowColor{LightBackground} & {\bf{{\emph{MP = change in TP/change in number of workers}}}} \tn % Row Count 15 (+ 3) % Row 5 \SetRowColor{white} {\bf{The law of diminishing returns}} & if one/two factors of prouction are fixed in supply (land and capital) and extra units of another factor (labour) are added, the extra products produced from each extra unit will fall over time \tn % Row Count 25 (+ 10) % Row 6 \SetRowColor{LightBackground} {\bf{Diminishing returns in economics}} & the decrease in the marginal output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay constant \tn % Row Count 34 (+ 9) \end{tabularx} \par\addvspace{1.3em} \vfill \columnbreak \begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} } \SetRowColor{DarkBackground} \mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Changes in inputs and outputs in the short run (cont)}} \tn % Row 7 \SetRowColor{LightBackground} {\bf{Increasing returns}} & employing two worker instead of one will result in double output at first but if we continue to add new workers constantly we will find ourselves with {\bf{diminishing returns}} \tn % Row Count 9 (+ 9) \hhline{>{\arrayrulecolor{DarkBackground}}--} \end{tabularx} \par\addvspace{1.3em} % That's all folks \end{multicols*} \end{document}