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| the relationship between the factors of production and the output of goods and services |
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| a short term of production where only variable input is changed--usually labor |
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| productin period long enough that you can change all inputs |
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| law of variable proportions |
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| in the short run, to get a different output you much change one input while keeping the others constant |
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| stages of diminishing returns |
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Definition
| increasing, diminishing, negative |
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Definition
as more variable output is added the total product decreases
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Definition
| a graphical representation of a production schedule |
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| natrural, unprocessed materials used in production |
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| the extra output generated by adding an extra laborer/variable input |
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