Examlex
Measuring the elevation of a mountain means measuring variation in __________ , whereas doing the same on a mid-ocean ridge would be measuring variation in __________ .
Output
The amount of goods or services produced by a person, machine, factory, or entire economy in a certain period.
Returns To Scale
A concept in economics that describes how the output of a production process changes as the scale of production inputs changes.
Production Function
A mathematical model that describes the relationship between inputs used in production and the resultant output.
Isoquant
An isoquant is a curve depicting all combinations of inputs which produce the same level of output, used in the study of production theory.
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