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Questions and Answers
Production is defined as the transformation of inputs into output.
True
The resources used in production are called inputs.
True
The goods and services produced are called output.
True
The production function tells us the technical relationship between inputs and output of a firm.
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Labour Intensive Technology is a type of technology of production.
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The production of goods takes place in agricultural fields, factories, firms, and industries, while the production of services takes place in shops, offices, hospitals, schools, and banks.
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Production is the result of the combined efforts of the three factors of production - land, labour, and capital.
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The relationship between inputs and output holds the key to producing the maximum level of output possible.
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After completing the lesson, you will be able to explain the concept of production function.
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The law of diminishing marginal product is not mentioned as an objective after completing the lesson.
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Study Notes
Production and its Components
- Production is the transformation of inputs into output.
- Inputs are the resources used in production, such as land, labour, and capital.
- Output refers to the goods and services produced.
Production Function
- The production function describes the technical relationship between inputs and output of a firm.
- It shows how inputs are combined to produce output.
Types of Technology
- Labour Intensive Technology is a type of technology used in production.
Production Locations
- Goods are produced in agricultural fields, factories, firms, and industries.
- Services are produced in shops, offices, hospitals, schools, and banks.
Factors of Production
- The three factors of production are land, labour, and capital.
- The combination of these factors results in production.
Objectives
- After completing the lesson, you will be able to explain the concept of production function.
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Description
Test your knowledge about the production of goods and services in various sectors of the economy. Understand the process, locations, and significance of production in satisfying human wants.
