Techniques of how to produce?: Broadly, there are two main methods of production.
(i) Labour intensive Technique: Under this method, production depends mostly on the utilization of labour.
(ii) Capital Intensive Technique: Under this method, production depends mostly on the utilization of machines (termed capital) efficient method of production is that which employs minimum possible inputs for a specific amount of output. And hence, cost per unit of output is minimized.