Production of Goods and Services

Where does the production of services take place?

In shops, offices, and hospitals

What are the four factors of production?

Land, labor, capital, and entrepreneurship

What does the relationship between inputs and output hold the key to?

Optimum use of resources

What is the result of the combined efforts of the factors of production?

Production Signup and view all the answers

What is the term used to describe the process of producing goods and services?

Production function Signup and view all the answers

What does the law of diminishing marginal product explain?

The decrease in additional output as one input is increased Signup and view all the answers

What is the definition of production function?

The relationship between inputs and outputs of a firm Signup and view all the answers

In the context of production, what are inputs?

The resources used in production Signup and view all the answers

What does a labor-intensive technology of production involve?

Making use of wooden plough and bullocks in production Signup and view all the answers

How is capital-intensive technology of production characterized?

Using advanced machinery and equipment Signup and view all the answers

What does the term 'output' refer to in the context of production?

The goods and services produced Signup and view all the answers

What is the primary goal of every producer in relation to production?

To maximize the quantity of output from given inputs Signup and view all the answers

How is technology or method of production defined?

'A technological relationship that tells us the maximum output producible from various combinations of inputs' Signup and view all the answers

What is the role of a production function in a firm?

To determine the maximum quantity of output that can be produced with given inputs Signup and view all the answers

What do labor and capital represent in the context of production?

Labor represents human effort, while capital represents physical assets used in production. Signup and view all the answers

What is the maximum quantity of output that can be produced with given quantities of inputs termed as?

Production function Signup and view all the answers

Production of Goods and Services

Questions and Answers

Where does the production of services take place?

What are the four factors of production?

What does the relationship between inputs and output hold the key to?

What is the result of the combined efforts of the factors of production?

What is the term used to describe the process of producing goods and services?

What does the law of diminishing marginal product explain?

What is the definition of production function?

In the context of production, what are inputs?

What does a labor-intensive technology of production involve?

How is capital-intensive technology of production characterized?

What does the term 'output' refer to in the context of production?

What is the primary goal of every producer in relation to production?

How is technology or method of production defined?

What is the role of a production function in a firm?

What do labor and capital represent in the context of production?

What is the maximum quantity of output that can be produced with given quantities of inputs termed as?

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