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5-2 Vocabulary jw

QuestionAnswer
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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