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5-2 Vocabulary jw
| Question | Answer |
|---|---|
| The change in total output brought about by adding one more worker. | marginal product |
| Having a worker focus on a particular aspect of production. | Specialization |
| Occurs when hiring new worker's causes marginal product to increase. | increasing returns |
| Occurs when hiring new workers causes marginal product to decrease. | Diminishing returns |
| Costs that business owners incur no matter how much they produce. | Fixed costs |
| Costs that change/depend on the level of production output. | Variable costs |
| The sum of fixed and variable costs. | Total Cost |
| The extra cost of producing one more unit. | marginal Cost |
| the quantity or amount produced, as in a given time: to increase one's daily output. | Output |
| The money made from the sale of each additinal unit of output. | Marginal revenue |
| A company's income from selling its products. | Total Revenue |
| The level of production at which a business realizes the greatest amount of profit. | Profit-maximising output |
| Enough revenue is being generated to cover expenses. Total costs = total revenue | Break-even point |
Created by:
joannw15
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