C Describe a Firms Factors of Production Flashcards

1
Q

Factors of Production

A

The resources a firm uses to generate output

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2
Q

Factors of Production

A

The resources a firm uses to generate output

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3
Q

Factors of Production

A

The resources a firm uses to generate output

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4
Q

Land

A

Where the business facilities are located

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5
Q

Labor

A

All workers (unskilled labor to top management)

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6
Q

Capital

A

Physical capital or PPE (manufacturing facilities, equipment, facilities)

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7
Q

Material

A

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

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8
Q

Production Function

A

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.

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9
Q

Land

A

Where the business facilities are located

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10
Q

Labor

A

All workers (unskilled labor to top management)

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11
Q

Capital

A

Physical capital or PPE (manufacturing facilities, equipment, facilities)

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12
Q

Material

A

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

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13
Q

Production Function

A

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.

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14
Q

Land

A

Where the business facilities are located

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15
Q

Labor

A

All workers (unskilled labor to top management)

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16
Q

Capital

A

Physical capital or PPE (manufacturing facilities, equipment, facilities)

17
Q

Material

A

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

18
Q

Production Function

A

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.