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Average Cost
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the middle ground of the cost spent on products.
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Average Fixed Cost
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The average of a cost with a set price that doesn't change.
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Average Physical Product
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the average amount of product that is produced.
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Average Total Cost
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the average of the total cost spent on goods to produce.
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Average Variable Cost
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the average cost of a good that has different prices depending on the seller.
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Breakeven
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the point where you don't lose or gain any money.
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Fixed Cost
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a cost that's price is set and doesn't change.
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Imperfect Competition
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competition that has barriers, changing costs, and different availability for products.
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Input Categories
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consisting of land, labor, capital, and management.
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Law of Diminishing Marginal Returns
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As more of a variable resource is added to a given amount of a fixed resource, marginal product eventually declines and could become negative; (returns will decrease)
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Marginal Cost
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the cost of what happens when you produce more that one unit of a good.
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Marginal Input Cost
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the additional cost of the production of the good of one or more.
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Marginal Physical Product
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the total change in the outputted physical product.
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Marginal Revenue
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the revenue made from selling a good.
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Marginal Value Product
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the average value of a product.
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Perfect Competition
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when there is no barriers, equal access to supplies, and a competitive market, their is perfect competition. The good should be the same price.
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Production Function
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the relationship between input and output.
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Profit
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the total income from a product.
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Shut Down
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When a business loses enough money that they are forced to shut down.
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Variable Cost
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a cost that changes based on the seller of the product.
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