Overview: In microeconomics, Production is simply the
conversion of inputs into outputs. It is an economic process
that uses resources to create a commodity that is suitable for
exchange. This can include manufacturing, storing, shipping,
and packaging. Some economists define production broadly as
all economic activity other than consumption. They see every
commercial activity other than the final purchase as some form
of production.
This is an introductory article on production theory.
Contents
- Efficiency and cross-efficiency
- Factors of production
- Total, average, and marginal product
- Diminishing returns
- Diminishing marginal returns
- Many ways of expressing the production relationship
- Isoquants
- The marginal rate of technical substitution
Tags: Production Theory; Factors of
production; Total, average, and marginal product; Diminishing
returns
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