AP®︎ Microeconomics: Topic 3.1 Flashcards

Master key terms and definitions for Topic 3.1 of AP Microeconomics – The Production Function to help you prep for quizzes and the AP exam.

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Term

Production Function

Definition

Shows the relationship between inputs used and output produced in the short run and long run.

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Production Function
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Shows the relationship between inputs used and output produced in the short run and long run.

PRD-1.APRD-1.A.1
Short Run And Long Run In Production
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Short run has at least one fixed input; long run allows all inputs to vary.

PRD-1.APRD-1.A.1
Law Of Diminishing Marginal Returns
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Adding more of one input while others stay fixed eventually causes marginal product to fall.

PRD-1.APRD-1.A.3
Increasing, Diminishing, Zero, And Negative Marginal Returns
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MP may first rise, then fall, then reach zero, and eventually become negative.

PRD-1.APRD-1.A.3
Total, Average, And Marginal Product
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Measures output as total output, output per input, and extra output from one more input.

PRD-1.APRD-1.A.2
Calculating And Interpreting Product Measures
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Uses tables or graphs to find productivity measures and show how marginal changes affect total output.

PRD-1.APRD-1.A.2
Returns To Scale
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Describes whether output changes more than, equal to, or less than proportionally as all inputs change.

PRD-1.APRD-1.A.1
Relationship Between Marginal Product And Average Product
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When marginal product exceeds average product, average product rises; when below, it falls.

PRD-1.APRD-1.A.2