1st Partial Recap of Economics (2024-A)

Which ones of these are NOT a characteristic of a company?

Expenses that vary with the level of production, such as raw materials, labor, and utilities are known as Total Costs.

It's the relationship between inputs and outputs in the production process.

In Mexico, these companies are known as PyMEs (Pequeñas y Medianas Empresas)

The expenses incurred by businesses in producing goods or services are known as Production Costs...

American economist that contributed to the development of modern microeconomic theory, including Producer Theory.

Expenses that do not vary with the level of production, such as rent for factory space are known as Fixed Costs...

Represent different combinations of inputs that a firm can purchase given its total cost constraint.

French mathematical economist that formulated the marginal theory of value and contributed greatly to Microeconomics.

An element of Microeconomics that refers to how labor, land and/or capital can be affected.

Expenses that represent the sum of fixed costs and variable costs are known as Variable Costs.

The value of money that has been paid to produce a good or charged for a service is known as Price...

Branch of economics that focuses on the study of individual agents and their interactions in specific markets.

English economist whose ideas about marginal utility, among other things, kickstarted the study of Microeconomics

American economist that made significant contributions to the development of Producer Theory and microeconomics

It refers to how responsive the quantity demanded or supplied of a good is to changes in price, income, or other factors

Branch of economics that studies the economy as a whole, focusing on broad indicators such as employment or GDP.

The satisfaction or enjoyment that individuals derive from consuming goods and services is known as...

Companies will maximize profits by producing stuff at the lowest possible cost and selling them at the highest possible.

It refers to how a market structure can influence the behavior of companies and their efficiency.

Company that dominates various sectors of the economy, have extensive operations, and a global reach.

Relationship between a quantity of a good a producer is willing to offer vs. the quantity a consumer is willing to buy.

It stands for how much items can be produced by a given combination of factors and the relationship between input/output

The process that transforms inputs into outputs is known as product transformation.

We know as output to the quantity of goods or services produced by a business or an economy within a period of time.

It refers to how a consumer makes a choice in regards of a good/service of his/her preference.

We know as company to the organization that engages in the production of goods or services for exchange in markets.

It refers to all the unintended consequences of economic activities that can affect any third parties.

A joint-stock company allowed investors to pool their capital and share ownership in a company, while mitigating risks

Curves that represent different combinations of inputs that can produce the same level of output.

British economist that further advanced Producer Theory with her work on imperfect competition.

It measures the additional output produced by getting one more unit of labor/capital while holding other inputs constant

We know as input to any resource factor of production used in the production process to create goods or services.

Branch of economics that examines how consumers make decisions about what goods to buy given their preferences

It refers to how much a company has to produce, and what prices will be set to maximize profits.

A guild is an association of artisans or merchants that controlled the practice of their craft in a particular town.

Branch of microeconomics that focuses on understanding how businesses make production decisions to maximize profits.