Theory of the Firm (Economics) Terms 1

What term best describes the following definitions/formulas?

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Last updated: July 27, 2023

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First submitted	July 27, 2023
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Hint	Answer
Total Revenue - Total Costs =	Profit
The factor of production that refers to the produced means of production	Capital
Fixed Cost + Variable Cost =	Total Cost
As each additional unit of a variable input is added, total output increases by less than the previous unit	Diminishing Returns
Total Cost / Output =	Average Cost
Reductions in total cost per unit as output increases	Economies of Scale

Hint	Answer
As each additional unit of a variable input is added, total output decreases	Negative Returns
Change in total revenue as one more unit of output is produced	Marginal Revenue
Output / Inputs =	Productivity
As each additional unit of a variable input is added, total output increases by my more than the previous unit	Increasing Returns
The factor of production that refers to all natural resources	Land
Price x Quantity Sold =	Total Revenue

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