Economics Flashcards

Economics Flashcards

Assessment

Flashcard

Business

11th Grade

Hard

Created by

Ghaya AlMarar

FREE Resource

Student preview

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52 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What are the costs of production?

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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