--%>
Assignment Help - homework help

States the term Production

States the term Production?

E

Expert

Verified

In Economics the term production implies process by that a commodity or commodities transformed within to various usable commodities. Conversely, production implies transforming inputs (as labour, raw materials and machines.) into an output. Such kind of production is termed as manufacturing. However the production process does not necessarily include physical conversion of raw materials in to tangible goods.

This also contains the conversion of intangible inputs to intangible outputs. For illustration, production of legal, social, consultancy services and medical services, there lawyer doctors, social workers consultants all are all engaged in producing intangible goods. An input is service or good which goes within to the process of production and output is any good service which comes out of production process.

   Related Questions in Managerial Economics

  • Q : Explain opinion of Stonier and Hague

    Illustrates the opinion of Stonier and Hague for explaining Demand in economics?

    		•
  • Q : Derived Demand for Labor All else

    All else identical, a competitive firm will demand more labor when: (w) technological advances lead to automation. (x) the price of the firm’s output rises. (y) more firms enter the industry. (z) competing firms offer their workers more training

    		•
  • Q : Phases of business cycle explain the

    explain the different phases of business cycle

    		•
  • Q : Explain about the signaling Signaling :

    Signaling: (w) attempts to finesse adverse selection. (x) involves behavior by agents to communicate special qualifications which will elicit the offer of a contract from a principal. (y) refers to potential employees obtaining skills, education or ex

    		•
  • Q : Explain the term relatively inelastic

    Explain the term relatively inelastic demand.

    		•
  • Q : Explain Exceptional Demand Curve

    Explain Exceptional Demand Curve.

    		•
  • Q : Illustrates the term long run

    Illustrates the term long run production function?

    		•
  • Q : Succeed and surviving of a cartels A

    A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed.

    Q : Technological advances in starting of

    Technological advances because the starting of the twentieth century has: (w) removed the limits on our ability to produce. (x) removed the problem of scarcity. (y) expanded our capability to produce. (z) raised the use of resources for production.

    Q : Most exceed the wages or specific

    Firms tend to offer wages which most greatly exceed the wages which workers would earn elsewhere to workers who have: (1) profit-sharing plans. (2) specific training. (3) prenuptial agreements. (4) non-compete clauses in their work contracts. (5) general training.

    		•