Theory of Production | Basics of Production | Class 11 | Ecoholics

Описание: What do you mean by production?

Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output that is fit for consumption – a good or product that has value to an end-user or customer.

What are production functions and examples?

One very simple example of a production function might be Q=K+L, where Q is the quantity of output, K is the amount of capital, and L is the amount of labor used in production. This production function says that a firm can produce one unit of output for every unit of capital or labor it employs.

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