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PEDROSO, JEREMY DENZELL M.
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Subdecks (5)
DEMAND AND SUPPLY ANALYSIS
Economics
21 cards
ELASTICITY OF DEMAND AND SUPPLY
Economics
2 cards
INTRODUCTION TO AGRICULTURAL ECONOMICS AND MARKETING
Economics
36 cards
THEORY OF CONSUMPTION
Economics
19 cards
THEORY OF COST AND PROFIT
Economics
17 cards
Cards (115)
Production
is a process that create/adds value or utility
INPUTS
- The factors of production such as Land, Labour, Capital, Technology ,etc
OUTPUTS
- The goods and service produced such as Soap, Omni Car ,etc
LAND
-Natural resources such as surface, mineral , air, rivers, sea, etcFree gift of nature, fixed
LABOR
- Mental or physical effort done by a man
CAPITAL
- Man made goods used in the production process, Most mobile factor
ORGANIZATION
- Entrepreneur or coordinator of all other factors of production
What is the basic Production Function Formula?
Q=f(KL)
This letter stands for the amount of goods or services produced, the output?
Q
This letter stands for more or less fixed?
F
This letter stands for capital or fixed resources (meaning they don't change?
K
It is referring to the human resources a business uses to produce its good or service?
LABOR
The total amount that is produced during a given amount of time?
TOTAL PRODUCTION
This is the Ratio of Total Product and one variable input Formula: TP/Variable input?
AVERAGE PRODUCT
This is the rate of change of output as a result changes in one variable input?
MARGINAL PRODUCT
This is encompassing around Law of Diminishing Return ( Short run production) whereas one input is variable?
LAWS OF VARIABLE PROPORTION
This is a Long run production function whereas all inputs are variable?
LAWS OF RETURN SCALES
What are the stages in law of variable proportion?
INCREASING RETURN DIMINISHING RETURN NEGATIVE RETURN
This represent all those possible combination of two inputs (labour and capital), which is capable to produce an equal level of output?
ISOQUANTS
It is the rate at which one factors of production is substitute with other factor so that the level of the output remain the same?
Marginal Rate of Technical Substitution
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