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ch5s2

vocab

TermDefinition
marginal product the change in total product that results from hiring one more worker
specialization having each worker focus on a particular facet of production
increasing returns each new worker adds more to total output than the last
diminishing returns each new worker causes total output to grow but at a decreasing rate
fixed cost cost that does not change no matter how much is produced
variable cost cost that rises or falls depending on the quantity produced
total cost fixed + variable costs
marginal cost additional cost of producing one more unit
marginal revenue the additional income from selling one more unit of a good
total revenue is the income a business receives from selling a product
profit-maximizing output reached level of production where it realizes the greatest amount of profit
Created by: shortbreadcookie
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