Microeconomics Ch 18

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fillup
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140254
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Microeconomics Ch 18
Updated:
2012-03-07 10:34:06
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Microeconomics 18
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Microeconomics Ch 18
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  1. Factors of production
    The inputs used to produce goods and services.
  2. Production function
    The relationship between the quantity of inputs used to make a good and the quantity of output that good.
  3. Marginal product of labor
    The increase in the amount of output from an additional unit of labor.
  4. Diminishing Marginal product
    The property whereby the marginal product of an input declines as the quantity of the input increases.
  5. Value of the marginal product
    The marginal porduct of an input times the price of the output.
  6. Capital
    The equipment and structures used to produce goods and services.

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