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15 Cards in this Set
- Front
- Back
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A technological relationship expressing the maximum quantity of a good attainable from different combinations of factor inputs. Relationship betweeninputs and outputs
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production function
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Output per unit of input.
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Productivity
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Maximum output of a good from the resources used in production
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efficiency
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Change in total
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Marginal
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Where production of a product can be increased w/ existing equiptment and buildings
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Short Run
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Time period necessary to purchase new equiptment or build new buildings
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Long Run
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Some factors are fixed and some are variable
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Short Run
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All factors are variable
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Long run
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Extra cost of produc ing one more unit
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Marginal Cost
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Compensations which must be received by resource owners so they will continue to supply them in a particular line of production
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Economic Cost of Production
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The maximum a resource can earn in another capacity.
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Opportunity Cost
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Expenditures
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Explicit
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non expenditures cost.. whenever a firm owns its own resources
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Implicit
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The rate of output where price equals minimum AVC
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Shutdown
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A market in which no buyer or seller has market power
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Competitive market
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