Across
- 2. Run - Individuals based the theory production on this concept. The concept stands for a short period of production that allows producers to change - only - the amount of input variable called labour.
- 4. of Variable Proportions - In the short output will change as one imput is varied while others are held. The law that deals with the imput of productive resources and output final products.
- 5. Returns - Involves stage 2 of production; the stage where the output increases at a diminishing rate as more units of variable inputs are added.
- 7. of Production - Increasing returns (increasing marginal products), diminishing returns, and negative returns. The marginal product changes as the input variable changes.
- 9. Product - The total output produced by a firm.
Down
- 1. Function - A concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant.
- 3. Materials - Unprocessed natural products used in production
- 4. Run - A period of production long enough for producers to adjust the quantities of all their resources, including capital.
- 6. Product - The extra output, or change in total production caused by the addition of one more unit of variable input.
- 8. of Production - . Deals with the relationship between the factors of production and the output of goods and services. Producing an economic good or service requires a combination of lands, labor, capital, and entrepreneurs,