Economics Chapter 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Business | show 🗑
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| Production | show 🗑
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| show | Resources used in the production process
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| show | the result of production or the quantity of goods and services that are produced.
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| Primary business | show 🗑
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| show | resources make fabricated or processed goods
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| Service (tertiary) businesses | show 🗑
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| Labour Intensive Process | show 🗑
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| show | more capital and less labour ex: building a car
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| Explicit costs | show 🗑
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| show | are the estimates of what an owner gives up by being involved with a business
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| Accounting Profit | show 🗑
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| Economic Profit | show 🗑
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| show | inputs that can not be adjusted in the short run
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| Variable inputs | show 🗑
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| show | The overall quantity of output with a given workforce. To increase production you must increase the variable input
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| show | the quantity of output product per worker (Q/L)
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| Marginal Product | show 🗑
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| show | do not change when a company changed its quantity of output (FC)
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| Variable Costs (VC) | show 🗑
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| Total Costs | show 🗑
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| Marginal Cost | show 🗑
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| Average Fixed Cost | show 🗑
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| show | the variable cost per unit of output (VC/TP)
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| show | total cost per unit of output (AFC+AVC)
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| show | at some point, as more Variable inputs are added to Fixed inputs, the marginal product will start to decrease
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| show | a situation in which a % increase in all inputs causes a larger % increase in output. Reasons: Division of Labour, specialization of capital, and specialization of management. Ex: Ford, Amazon
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| show | a situation in which a % increase in all inputs causes an exact increase in outputs. Ex: small businesses
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| show | A situation in which a % increase in all inputs causes a smaller % increase in outputs. Reasons: Management difficulties, limited resources. Ex: handmade products, very small businesses
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| show | is the lowest value of the SR AC at each possible level of output.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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