Podcast
Questions and Answers
What is production in economics?
What is production in economics?
Transformation of factors of production into commodities and services desired for consumption and investment.
What is a business firm in the context of production?
What is a business firm in the context of production?
A producing unit that converts inputs into outputs for sale to consumers, other businesses, government, and foreign countries.
What is the key concept in the theory of production?
What is the key concept in the theory of production?
The production function.
What does the production function show?
What does the production function show?
What role does the production function play in economics?
What role does the production function play in economics?
What is the primary goal of production in economics?
What is the primary goal of production in economics?
In economics, what does a business firm essentially act as?
In economics, what does a business firm essentially act as?
What does the production function illustrate?
What does the production function illustrate?
What happens when factors of production are not used for production?
What happens when factors of production are not used for production?
Which entity benefits from the commodities and services produced by a business firm?
Which entity benefits from the commodities and services produced by a business firm?
