The Term ________ Refers to Products Produced in a Way

question 87

Short Answer

The term ________ refers to products produced in a way that meets the needs of the present without compromising future generations.

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Definitions:

Production Function

An equation, graph, or table that describes the maximum amount of output a firm can produce from a given set of inputs.

Variable Factor

In economics, an input in the production process that can be adjusted in the short run to change the quantity of output.

Fixed Factors

Inputs in the production process that cannot be easily increased or decreased in a short period of time.

Constant Returns To Scale

a situation in production where increasing all inputs by the same percentage results in output increasing by that same percentage.