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ECON 202

Lecture 9 Vocab

an individual who, in hopse of earning a residula profit (while accepting the risk of a resudual loss), organizes and coordinates resurces to produce goods entrepreneur
identifying potential demand where little or no competitioon exists blue ocean strategy
the individual that assumes the risk of creating or owning a firm; is paid last residual claimants
an individual who creates a new goodo r an idea for a good inventor
an individual who introduces and markets new goods innovator
an individual who copies and markets existing ogods imitator
an individual who buys and sells goods inhopes of earning a profit from price differences speculator
the opportunity to earn a profit form buying at a low price in one time or place and selling at a higher price in another time or place arbitrage
unpredictable, indefinite events; impies incalculable odds; the likelihood of an event cannot be calculated efficiently uncertainty
exposure to the chance of loss; implies that some event may be calculated efficiently risk
a plan to spread or share risk among parties with imilar risks insurance
th erecognition of a governing authority to an individual;s right to profit from his own creations, ideas, inventions, etc. intellectual property
a right granted by the owner to use intellectual property license
a payment for the use of intellectual property owner by another royalties
a legal right to profit form an invention or innovation patents
a legal right to profit from an artistic creation copyrights
a legal rigth to preserve and protect a naem, logo, etc. trademarks
how producers use resources; how th ecosts associated with production "behave" cost structure
any time frame i nwhich at least on e resource, cost, or productive activity cannot vary short-run
any time frame in which any resource, cost, or productive activity can vary long-run
a producer's total output total product
the change in total product when a resource increases by one unit and all other resources are unchanged marginal product
a producer's choices of what resources and how much to allocate to produce a target amount of output production function
as more of a variable resources is added to a given amount of other resources, marginal product eventually declines and could become negative law of diminishing marginal returns
a resource that cannot be changed easily or quickly (long-run assumption) fixed resources
costs that are incurred before production can begin fixed costs
any resource that can be changed quickly or easily (short-run assumption) variable resources
costs of only the resources that are used to make a single uint variable costs
the chagne in total cost resulting from a change of one unit in output; the chagne in total cost divided by the change in total output, or MC = /\TC / /\q marginal cost
equals fixed costs plus variable costs; TC = FC + VC total costs
the difference between total costs of the firm and totla fixed costs divided by total units produced; AVC = VC / q averge variable cost
total costs of the firm divided by total unity produced; ATC = TC / q or also, ATC = AFC + AVC average total cost
a condition that occurs if, over some range of output, long-run average cost neither increases nor decreases with changes in firm size constant long-run average cost
th erisk tht the average total cost per unit exceeds the average price per unit risk-taking and goal of the firm
Created by: nomad95



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