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17 Cards in this Set
- Front
- Back
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Short run |
Production period that allows changes only in variable inputs |
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Variable Cost |
Cost change when change when rate if operation or output changes |
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Diminishing Returns |
Increasing input with with reduced output |
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Ocegead |
Total fixed cost |
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Supply Elasticity |
How quantity is affected by price changes. |
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Long rub |
Length of production period that allows all inputs to vary |
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Break-even point |
Total product that needs to sell to cover total costs. |
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Raw materials |
Unprocessed natural products |
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Depreciation |
Gradual wear on capital goods |
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Total product |
All of the output produced by a firm |
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Production fhnction |
Relates output changes to differences in a single input |
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Marginal product |
Extra output generated by one more unit of variable input |
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Quantity supplied |
Amount provided at one price |
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Subsidy |
Government payments to protect or encourage economic activity |
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Supply |
Quantities offered for sale |
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Supply chrve |
Graph showing g producers tendency to offer more for sale at higher prices |
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Total revenue |
Units sold multiplied by average price per unit |
