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9 Economics > 6 Production > Flashcards

6 Production Flashcards

1
Q

process of combining the factors of production to make goods and services

A

production

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2
Q

factors of production are also known as

A

inputs

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3
Q

factors of production

A

capital, entrepreneurship, land, labor (CELL)

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4
Q

topsoil and all natural resources

A

land

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5
Q

people with skill and abilities

A

labor

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6
Q

paid for what you can do

A

unskilled labor

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7
Q

repetitive, mostly physical labor

A

unskilled labor

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8
Q

no training

A

unskilled labor

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9
Q

paid for what they know and can do

A

skilled labor

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10
Q

has training, education, certification

A

skilled labor

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11
Q

mental skills

A

professional labor

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12
Q

pay for mostly knowledge with some physical labor

A

professional labor

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13
Q

tools, machinery, equipment

A

capital

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14
Q

discover profitable opportunities and be effective in pursuing them

A

entrepreneurship

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15
Q

land

A

rent

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16
Q

labor

A

wage

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17
Q

capital

A

interest

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18
Q

entrepreneurship

A

profit

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19
Q

does not change with the level of production

A

fixed cost

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20
Q

rent, interest, depreciation expense, indirect labor (people who don’t produce the products)

A

fixed cost

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21
Q

costs that change with the level of production

A

variable cost

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22
Q

raw materials, direct labor (producing products), utilities

A

varable cost

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23
Q

if more is produced, variable cost ____, if less is produced, variable cost ____

A

↑ ↓

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24
Q

sum of fixed and variable cost

A

total cost

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25
expenses that aren't just for one thing
overhead cost
26
needed to operate
operating cost
27
you are not yet capable of manipulating the factors of production
short run
28
factors of production (short run)
fixed - most other factors variable - only one or two factors
29
you are capable of manipulating the factors of production
long run
30
factors of production (long run)
fixed - none variable - all factors
31
AFC
TFC ÷ TP
32
AVC
TVC ÷ TP
33
ATC
TC ÷ TP
34
MC
ΔTC ÷ ΔTP
35
shows relationship between quantity of inputs and outputs
production function
36
TQ of output produced for given quantity of input
total product
37
additional output from additional input
marginal product
38
output per each input of unit
average product
39
TP₂
TP₁ + MP
40
AP
TP ÷ VI
41
MP
TP₂ - TP₁
42
law of variable proportions is also known as
law of diminishing returns
43
if a producer increases the units of a variable factor while keeping other factors fixed, then initially the TP increases at an ↑ rate, then at a diminishing rate, then at a ↓ rate
law of diminishing returns/law of variable proportions
44
you cannot use in the long-run since all factors become variables
law of diminishing returns/law of variable proportions
45
input ↑ = TP ↑ MP ↑
increasing returns
46
for every additional input, both TP and MP ↑
increasing returns
47
input ↑ = TP ↑ MP ↓
decreasing returns
48
for every additional input, TP ↑ but MP ↓
decreasing returns
49
input ↑ = TP ↓ MP -
negative returns
50
for every additional input, TP ↓ and MP -
negative returns
51
owned and managed by a single individual
single proprietorship
52
advantageous in decision-making but limited in terms of production
single proprietorship
53
owned by two or more individuals who agree to put their resources together to put up a business
partnership
54
can be limited or general
partnership
55
requires contract/formal agreement
partnership
56
owned by many individuals known as stockholders
corporation
57
has separate legal identity
corporation
58
can be open/closed
corporation
59
main objective is service to its members rather than profit
cooperative
60
should have minimum of 15 members
cooperative
61
RA 6938
cooperative code of the philippines

9 Economics (20 decks)

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