What are the costs of production?

Economics Flashcards

Flashcard
•
Business
•
11th Grade
•
Hard
Ghaya AlMarar
FREE Resource
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52 questions
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1.
FLASHCARD QUESTION
Front
Back
The money spent on inputs (resources like labor, machinery) to produce outputs.
2.
FLASHCARD QUESTION
Front
What is Labor in the context of production?
Back
The focus of this lesson — how many workers to hire.
3.
FLASHCARD QUESTION
Front
Define Marginal Product (MP).
Back
The additional output produced by hiring one more worker.
4.
FLASHCARD QUESTION
Front
What are the types of returns in production?
Back
Increasing Returns, Diminishing Returns, Negative Returns.
5.
FLASHCARD QUESTION
Front
What happens during Increasing Returns?
Back
Total Product (TP) and Marginal Product (MP) both increase.
6.
FLASHCARD QUESTION
Front
What happens during Diminishing Returns?
Back
Total Product (TP) increases, but Marginal Product (MP) decreases.
7.
FLASHCARD QUESTION
Front
What happens during Negative Returns?
Back
Total Product (TP) and Marginal Product (MP) both decrease.
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