marginal cost the additional cost of producing one more unit; mathematically,

marginal product change in a firm’s output when it employees more labor; mathematically,

private enterprise the ownership of businesses by private individuals

production the process of combining inputs to produce outputs, ideally of a value greater than the value of the

inputs

production function mathematical equation that tells how much output a firm can produce with given

amounts of the inputs

production technologies alternative methods of combining inputs to produce output

revenue income from selling a firm’s product; defined as price times quantity sold

short run period of time during which at least one or more of the firm’s inputs is fixed

short-run average cost (SRAC) curve the average total cost curve in the short term; shows the total of the

average fixed costs and the average variable costs

total cost the sum of fixed and variable costs of production
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