Production function flashcard sets

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production function definitions
# Definition Sets
1the relationship between quantity of inputs used to make a good and the quantity of output of that good10 sets
2a concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant.4 sets
3relationship between inputs and outputs4 sets
4the relationship between quantity of inputs used to make a good and the quanitity of output of that good2 sets
5the relationship between the quantity of inputs used to make a good and the quantity of output of that good2 sets
6relationship b/w q of inputs used and q of outputs2 sets
7a technological relationship between inputs and outputs2 sets
8graphic portrayal showing how a change in the amount of a single variable input affects total output2 sets
9a technological relationship between inputs and output2 sets
10volume of outputs that can be produced from given inputs given the available technology2 sets
11relationship between quantity of inputs used to make good and quantity of output1 set
12a function that shows the relationship between quantity of input used to make a good and quantity of output of that good1 set
13shows the volume of output that can be produced from given inputs (such as labor and capital), given the available technology.1 set
14shows input requirements for each level of production1 set
15a figure that shows how a total output changes when the amount of a single variable input changes while other inputs are held constant.1 set
16relationship between inputs used in production and level of output1 set
17shows how inputs (capital and labor) are combined to produce various levels of outputs (capital per worker)1 set
18the mechanism for combining production resources, with existing technology, into finished goods and services1 set
19a concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant1 set
20a concept that describes the relationship between chances in output while other inputs are held consistent1 set
21the relationship between inputs and outputs1 set
22a technological relationship between inputs and outputs.1 set
23the relationship between the inputs (factors of production) and outputs1 set
24in the special case where the firm produces only one good as an output, the set of technically efficient production plans1 set
25the relationship between the quantity of inputs used to make a good and the quantity of output of that good.1 set
26the relationship between the firm's input of productive resources and its output of goods and services1 set
27an equation that defines the combination's of goods you can produce (physical output) given you production inputs (resources)1 set
28numerical or mathematical relationship between inputs and outputs (units of total product as a function of units of inputs)1 set
29the relationship between the quantities of inputs used and the maximum quantity of output that can be produced, given current knowledge about technology and organization1 set
30specifies the maximum output firms can produce with given quantities of inputs1 set
31the quantity of output produced by the firm each period is a function of the quantities of land, labor, and capital used by the firm in the production process1 set
32the relationship that describes output as a function of labor, capital, and technology1 set
33describes the relationship between changes in output to different amounts of single input while other inputs are held constant1 set
34a relationship that shows the quantity of output for any given amount of input. (6; 8)1 set
35a concept that describes the relationship between changes in output to different amounts of a single input1 set
36the technical relationship between inputs and outputs indicating that max amount of output that can be produced using alternative amounts of variable inputs in combination with one or more fixed imputs under a given state of technology1 set
37the relationship between quantities of inputs used to make a good and the quantity of output of that good1 set
38tells how much output the economy can produce from the available labor and capital givin the state of technology1 set
39input-output relationship between resources and product. physical transformation process1 set
40a numerical or mathematical expression of a relationship between inputs and outputs. it shows units of total product as a function of units of inputs.1 set