chapter 7.txt

resources that go into production

the results of production

outputs that are not used either for consumption or in a further production process

goods that are ready for the use by people

the costs of a project, figured in terms of monetary outflows alone

coss of a project, including opportunity costs

the costs of a project, from the perspective of the economic actors making the decisions

the costs of a project that are borne by persons, or entities such as the environment, that are not among the economic actors directly responsible for the activity

the quality of a production process if no other process exists that can produce the same output with smaller quantities of some inputs and no more other inputs

the costs of a project, both those borne by the economic actors involved and those borne by other, figured in terms of opportunity costs

costs savings that are illusory because long-term and/or social costs have not been taken into account

an equation or graph that represents a mathematical relationship between types and quantities of inputs and the quantity of outputs. Y=f(natural cap, manufactured cap, human cap, social cap). Y = f(fixed input, varibale input)

an input to production that is fixed in quantity, no matter what the level of production

an input to production that quantity of which can be quickly changed, resulting in changes in the level of production

a time period in which at least one input to production cannot be varied in quantity

the fixed input that creats a capacity constraint

a case in which some fixed input limis the amount that can be produced in a given preiod of time

a time period in which all inputs to production can be varied in quantity

a curve showing the total amount of output that can be produced when the quantity of one input is varied

the additional quantity of output gained by using an additional unit of a variable input

the case where the use of an additional unit of variable input produces a lesser additional quantity of output than did the previous unit of the input

the case where the use of additional unit of a variable input produces the same quantity of additional output as did the previous unit of the input

the case where the use of additional unit of a variable input produces a greater quanitity of additional output than did the previous unit of the input

the cost associated with using fixed inputs, which is the same no matter what quantity of output is produced

the cost associated with using variable inputs, which rises with the qquantity of output

the sum of fixed cost and variable cost

a curve showing the total cost associated with producing various levels of output

the cost associated with producing the last unit of output

the case where the cost of producing an additional unit of output rises as more output is produced

case where the cost of producing an additional unit of output stays the same as more output is produced

the case where the cost of producing an additional unit of output falls more output is produced

cost per unit of output, computed as total cost divided by the quantity of output produced

the cost of production, perunit of output when all inputs can be varied in quantity

these occur when the long run average cost of production falls as the size of the enterprise increases

these occur when the long run average cost of production stays the same as the size of the enterprise increases

these occur when the long run average cost of production rises as the size of the enterprise increases

the smallest size an enterprise can be and still benefit from low long run average costs

the largest size an enterprise can be and still benefit from low long run average costs

• increasing the use of some inputs, and decreasing that of others, while producing the samegood or service
• the case where the cost of producing an additional unit of output rises as more output is produced