econ 8a

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explicit costs are also known as ______________ costs

accounting

total revenue minus the total explicit costs of production

accounting profit

the amount of output produced per unit of a resource employed is the ____________ product.

average

if a business owner can product more as a whole with an additional worker even if the marginal product associated with that worker is lower than the marginal product associated with the previous worker, then there are:

diminishing marginal returns

total revenue minus the explicit and implicit costs of production is __________ profit

economic

zero accounting profit means that the value of _______________ profit is negative

economic

the costs associated with the use of resources

economic costs

the sum of explicit and implicit costs

economic costs

monetary payments made by individuals, firms, and governments for the use of other's land, labor, capital, and entrepreneurial ability are ____________________ costs.

explicit

____________ is an important factor in determining the true cost of an economic activity such as the production of goods and services

implicit cost

______________ marginal returns is a characteristic of production whereby the marginal product of the next unit of a variable resource utilized is greater than that of the previous variable resource

increasing

the additional output produced as a result of utilizing one more unit of a variable resource is the ___________________ product.

marginal

____________ economic profits encourage firms to exit the market

negative

________________ cost is the cost of the next best alternative that is forgone

opportunity

the _______ costs of using owned resources are implicit costs

opportunity

accounting profit consists of...

revenue - explicit costs

economic profit consists of...

revenue - implicit and explicit costs

any time you give up the opportunity to use the resource for something else.

there is an opportunity cost

being able to calculate __________ product, average product, and marginal product is important to operate efficiently and maximize profits

total

total amount of output produced with a given amount of resources

total product

the price of a good times the quantity sold equals...

total revenue

the short run is a period of time in which:

at least one input of production is fixed.


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