Flashcards in Production in the Short Run 7.2-1-Jenna Bryant Deck (12)
What is output?
The amount of product a firm can produce with a given set of inputs
What is another name for output?
What are resources that a firm uses to produce a final product
What is another name for inputs?
What is the short run?
A period of time during which a firm can only one (or a few) input(s).
The inputs that can be cahnged in the short run are called?
What are the three concepts needed to know to understand how much a firm will produce?
1.Technology (how a firm makes a product), 2. Costs (how much it costs to make a product), 3. Prices (the price a firm can get for a product)
What is a fixed input in the short run?
Fixed inputs are inputs whose quantity cannot be changed at all in the short run, regardless of any changes in output.
Can inputs be fixed in the long run?
Is a TV an example of an input or output?
A TV would be considered an output
Are workers considered inputs or outputs?