Econ Lit Vocabulary Unit 6

What is the total revenue, minus explicit costs?

• Accounting profit

• Net profit

• Acceptable profit

• Revenue profit

What is the total cost divided by the number of outputs?

• Average total costs

• Total costs

• Total profits

• Average total profits

What is the long run average cost of producing output decreases as total output increases?

• Economies of scale

• Economic disadvantages

• Average total cost

• Economic profits

What is the out of pocket cost for a business?

• Explicit cost

• Implicit cost

• Average total cost

• Economic cost

What are the resources used by firms to produce?

• Factors of production

• Resources of production

• Means of production

• Costs of production

What is an organization that take the factors of production to produce outputs?

• Firm

• Factory

• Seller

• Employer

What are the unofficial opportunity costs of running a business?

• Implicit costs

• Total costs

• Explicit costs

• Average costs

What is the period of time when all a firm's inputs are variable?

• Long run

• Short run

• Equal term

• Last quartile

What is the additional cost of producing more than 1 unit?

• Marginal cost

• Average cost

• Partial cost

• Implicit cost

What is the change in a firm's output when it employs more labor?

• Marginal product

• Total outputs

• Economic profits

• Marginal inputs