Warm Up Which type of supply would create smaller items such as M&M’s?

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Presentation transcript:

Warm Up Which type of supply would create smaller items such as M&M’s? What are two types of change in supply? What did you do this weekend?

Learning Goal: I will understand the theory of production. Economics Standard 12.2 Learning Goal: I will understand the theory of production.

I. Definition Deals with the relationship between the factors of production and the output of goods & services.

DO NOT WRITE THIS DOWN RALLY ROBIN WITH YOUR SHOULDER PARTNER LIST BACK AND FORTH THE 4 FACTORS OF PRODUCTION. THINK TIME GO!

II. Three Stages of Production A. Stage I- Increasing Returns: is when the # of workers is increased and as a result output increases

B. Stage II-Diminishing Returns: i B. Stage II-Diminishing Returns: i. production continues to increase by smaller & smaller amounts with added inputs ii. Additional workers add to output at a lesser rate

Stage III- Negative Returns i. Too many workers are hired and output decreases