Econ Exam 1

the price the good is sold at * the quantity sold, the amount the firm receives for the sale of its output

the market value of the inputs a firm uses in production, Including opportunity cost of making the firm's output of goods & services

input costs that require an outlay of money, $ spent on flour & wages by Helen's Cookie Factory

input costs that do not require an outlay of money

Economists count implicit cost as a cost
of doing business

accountants don't count implicit costs because no money
flows out of the business to pay for it

the relationship between quantities of inputs used to make a
good & the quantity of output of that good

of any input is increase in quantity of output obtained by adding
one additional unit of that input

the property whereby the marginal product of an
input declines as the quantity of the input increases

the relationship between quantity produced and total costs