ECON 102 CHAPTER 6 QUIZ NOTES.docx - firm business entity that produces and sells goods or services production process by which the transformation of

ECON 102 CHAPTER 6 QUIZ NOTES.docx - firm business entity...

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firm business entity that produces and sells goods or services production process by which the transformation of inputs (such as labor and machines) to outputs (such as goods and services) occurs physical capital any good, including machines and buildings, used for production short run period of time when only some of a firm's inputs can be varied long run period of time wherein a firm can change any input fixed factors of production inputs that cannot change in the short run variable factors of production inputs that can change in the short run marginal product the additional amount of output obtained from adding one more unit of input specialization when workers develop specific skill sets so as to increase total productivity Law of Diminishing Returns at a certain point of successive increases in inputs, marginal product begins to decrease cost of production what a firm must pay for its inputs
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total cost sum of variable and fixed costs variable cost (VC)
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  • Spring '10
  • NUMRICH

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