Economics Cartoon
Storyboard Text
- Theory of Production: an effort to explain principles by which a business firm decides how much goods it sells will be produced, and how much each kind of labor it employs.
- 3 steps of Production: the stages of growth in production.1. company growth is increasing fast from increasing variables.2. company growth is still growing, but at a slower rate.3. Company growth hit its climax, all the more variables will start to make production decrease.
- Short Run: period of time when the quantity of at least one input is fixed.
- Long Run: period of time when the quantities of all inputs are variable.
- Law of Variable Proportions: the quantity of a factor is increased while keeping other factors constant.
- Diminishing Returns: proportionally smaller profits/benefits from energy or money being invested in it.
- Production Function: equation that expresses the relationship between the quantities of productive factors.
- Raw Materials: materials/substances used in primary production/manufacturing goods.
- Marginal Product: extra output, return, or profit yielded per unit by advantages from production imports.
- Total Product: Total volume/amount of final output produced by a firm during a given period of time.
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