Cards in this guide (25)
What is marginal cost
Marginal cost is the change in total cost incurred by adding 1
more unit of output to production.
the amount a firm's costs change when an additional good or
service is produced.
What is the distinction between marginal revenue product and marginal revenue
I'm thinking that marginal revenue product is the marginal
revenue on one product, and marginal revenue is the marginal
revenue on the whole firm sales...
I'm wondering the same thing but the above response is
incorrect. both terms imply values on one item as indicated by the
"marginal"
What are aspects of intellectual property
Copyright, patents, rights in music, and performance rights are
all aspects of intellectual property
What describes the relationship between human capital and productivity
Increased human capital leads to increased productivity.
Which of these is sometimes included as a fourth factor of production
What labor work thingsof nature into tangible products what are the products called
Which factor of production includes such things as machinery and buildings used in the production of other goods
What kinds of things could be considered capital resources
Buildings are considered capital. Cash and vehicles are not
considered capital.
What term is sometimes used to refer to factors of production
What is considered the passive factor in production
How does a firm know when it can afford to hire more workers
if the MRP is greater than a firms MC
Which term refers to the cost a firm incurs for labor
Which term refers to the cost a firm incurs for capital goods
Which is classified as working capital
What defines the term labor as a factor of production
Labor is the human effort provided in the creation of products
and services.
What was granted to the united states in the treaty of paris in 1763
Owing to the terms of the treaty, France gave all its
territories in mainland North America.
What does the demand for labor contribute to
Demand for labor contributes to how much wages should be
What does acquired 100 shares mean
Generally speaking the phrase of "acquired 100 shares" means
that a person has purchased 100 shares of a corporation's
stock.
What is the fourth factors of production measures the qualifications of a worker
Once a firm knows what it should produce what must it then decide
how it will produce the goods or services
Shortages or spikes in which of the following can have a potential impact on a global economy
Items such as machinery buildings and other goods that are designed to increase the production potential of the economy are classified into which of these categories
What of the following defines the term land as a factor of production
everything that is not created by humans
Is not a factor in wage variance between different occupations
What is Considered one of the primary factors of production plus
