Answer to Question #240934 in Economics for CCW

Question

Economics Chp. 4 Vocab:

make visual notes, acronyms, symbols, to make definitions visual to help remember

15) regulations -

16) total product -

Answer 1

Regulations  - a document that establishes rules, general principles, or characteristics related to various activities or their results.

Total product (TP) is a term used in microeconomics to analyze the costs and revenues of a firm. Essentially equal to the total output of the enterprise. From the total product, two more important characteristics of the enterprise are derived - the average product (AP) and the marginal product (MP). The average product characterizes the productivity of the factors of production, the marginal product characterizes the productivity of the last additional unit of the factor.