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9 Economics > 6 Production > Flashcards

6 Production Flashcards

1
Q

process of combining the factors of production

A

production

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2
Q

factors of production

A

capital, entrepreneurship, land, labor

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3
Q

outputs of production

A

goods and services

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4
Q

topsoil and all natural resources

A

land

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5
Q

people with skills and abilities

A

labor

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6
Q

paid for what you can do; repetitive, mostly physical labor; no training needed

A

unskilled labor

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7
Q

paid for what you know and what you can do; has training, education, and certification

A

skilled labor

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8
Q

mental labor; pay for mostly knowledge w/ some physical labor

A

professional labor

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9
Q

tools, machinery, equipment

A

capital

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10
Q

discover profitable opportunities and be effective when pursuing them

A

entrepreneurship

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11
Q

land

A

rent

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12
Q

labor

A

wage

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13
Q

capital

A

interest

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14
Q

entrepreneurship

A

profit

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15
Q

does not change with the level of production; rent, interest, depreciation expense, indirect labor

A

fixed cost

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16
Q

indirect labor

A

not involved in producing products

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17
Q

costs that change with the level of production; raw materials, direct labor, utilities

A

variable cost

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18
Q

direct labor

A

involved in producing the products

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19
Q

sum of fixed and variable cost

A

total cost

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20
Q

expenses that aren’t just for one product/good

A

overhead cost

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21
Q

cost that must be paid to operate

A

operating cost

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22
Q

you are not yet capable of manipulating all factors of production

A

short run

23
Q

you are capable of manipulating the factors of production

A

long run

24
Q

average fixed cost formula

A

TFC/TP

25
Q

average variable cost formula

A

TVC/TP

26
Q

average total cost formula

A

TC/TP

27
Q

marginal cost formula

A

ΔTC/ΔTP

Δ = change

28
Q

shows the relationship between quantity of inputs and outputs

A

production function

29
Q

TQ of output produced for given quantity of input

A

total product

30
Q

additional output from additional input

A

marginal product

31
Q

output per each input of unit

A

average product

32
Q

formula for TP2

A

TP2 = TP1 + MP

33
Q

formula for AP

A

TP/VI

34
Q

formula for MP

A

MP = TP2 - TP1

35
Q

law of variable proportions is also known as…?

A

law of diminishing returns

36
Q

if a producer increases the units of a variable factor while keeping other factors fixed, then initially the TP increases at an increasing rate, then at a diminishing rate, then at a decreasing rate

A

law of diminishing returns/law of variable proportions

37
Q

input ↑ = TP ↑ MP ↑

A

increasing returns

38
Q

for every additional input, both TP and MP ↑

A

increasing returns

39
Q

input ↑ = TP ↑ MP ↓

A

decreasing returns

40
Q

for every additional input, total product ↑ but MP ↓

A

decreasing returns

41
Q

input ↑ = TP ↓ MP -

A

negative returns

42
Q

for every additional input, TP ↓ and MP is negative

A

negative returns

43
Q

owned and managed by a single individual

A

single proprietorship

44
Q

advantageous in decision-making but limited in terms of production

A

single proprietorship

45
Q

owned by two or more individuals who agree to put their resources together to put up a business

A

partnership

46
Q

partnership can be limited or general

A

partnership

47
Q

requires contract/formal agreement

A

partnership

48
Q

ownership is owned by many individuals known as a stockholder

A

partnership

49
Q

has separate legal identity

A

partnership

50
Q

can be open or closed corporation

A

partnership

51
Q

main objective is service to its members rather than profit

A

cooperative

52
Q

should have a minimum of 15 members

A

cooperative

53
Q

RA 6938 – cooperative code of the philippines

A

cooperative

9 Economics (9 decks)

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