Top Production Flashcards

Chapter 7 Production Flashcards
Cards: 13| Attempts: 24| Last updated: Sep 10, 2020
  Factors Of Production- 
  Inputs Or Ingredients Mixed Together By A Fir...
  Production Function
  Relationship Between Inputs And Outputs That ...
  Q = F(L,K)
  L- Labor K- Capital Q - Output
  Technologically Efficient-
  Condition In Which The Firm Produces The Maxi...
The Production Possibilities Frontier
Cards: 13| Attempts: 0| Last updated: Sep 17, 2015
  Occurs Because Human Wants Exceeds Limits Of ...
  Scarcity
  What Are In Finite Supply And Need To Be Used...
  Resouces Such As Raw Materials
  It Is Not Uncommon For The Government To Face...
  Shortage Of Funds
  Difference Between What The Government Spends...
  Deficit
Production Costs In The Short Run
Cards: 13| Attempts: 0| Last updated: Sep 22, 2015
  Production Concepts
  1. Total Product (TP)equals The Total Amt Of ...
  Marginal Product
  If We Add One More Employee, How Many Addt...
  Avg Product
  For Ex, The Avg Product Of Labor (L) Is: APL...
  Law Of Diminishing Returns
  When More & More Units Of An Input Are Co...

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