Production in the Short Run 7.2-1-Jenna Bryant Flashcards Preview

Econ 2106 Exam 2 > Production in the Short Run 7.2-1-Jenna Bryant > Flashcards

Flashcards in Production in the Short Run 7.2-1-Jenna Bryant Deck (12):
1

What is output?

The amount of product a firm can produce with a given set of inputs

2

What is another name for output?

Total product

3

What are resources that a firm uses to produce a final product

Inputs

4

What is another name for inputs?

Resources

5

What is the short run?

A period of time during which a firm can only one (or a few) input(s).

6

The inputs that can be cahnged in the short run are called?

Variable Inputs

7

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)

8

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.

9

Can inputs be fixed in the long run?

No

10

Is a TV an example of an input or output?

A TV would be considered an output

11

Are workers considered inputs or outputs?

Inputs

12

What is another name for total product?

Output