Production Flashcards
1
Q
Production
A
The process of combining the factors of production to make goods and services
2
Q
Inputs of production
A
Factors example land, labor, capital intrapreneurship
3
Q
Outputs of production
A
 Goods services
4
Q
Topsoil and all the natural resources
A
Land
5
Q
Labor
A
refers to people with their skills and abilities
6
Q
Capital
A
refers to tools, factories, machines, equipment
7
Q
Entrepreneurship
A
the ability to discover profitable opportunities and efficiency in pursuing such opportunities
8
Q
Land is two
A
Rent
9
Q
Capital is two
A
 Interest
10
Q
LIBOR is to labor
A
Wage
11
Q
Entrepreneurship is to
A
Profit
12
Q
Cost
A
How much it takes to make
13
Q
Rice
A
How much are willing to pay for it?
14
Q
Value
A
How much it’s worth
15
Q
Fixed cost
A
Costs that do not change with the level of production
