Basic Microeconomics Module 3: Production and Cost

Capital resources include machines, equipment, buildings, factories, and ______.

Inputs are generally classified into three broad categories: land, labor, and ______.

Outputs are the various useful goods and services that result from the production process and are either consumed or employed in further ______.

Final goods are goods and services that are ultimately ______.

Technology can be classified as either labor intensive or capital ______ technology.

Labor-intensive technology utilizes more ______ resources than capital resources.

Capital-intensive technology utilizes more ______ resources than labor resources.

Capital intensive leads to an increase in operating and other maintenance costs whereas labor-intensive leads to optimum utilization of resources which reduces the ______ cost.

Fixed input is any resource the quantity of which cannot readily be changed when market conditions indicate that a change in output is desirable. Examples include plant, buildings, machineries, and ______.

Short-run is the period of time so short that there is at least one fixed input, therefore changes in the output level must be accomplished exclusively by changes in the use of ______ inputs.