What are the three stages of production?
Understand the Problem
The question is asking about the stages involved in the production process, which typically involves different phases to transform raw materials into finished goods. Understanding these stages is crucial for grasping how production systems operate in various industries.
Answer
Increasing returns, diminishing returns, and negative returns
The three stages of production in economics are: increasing returns, diminishing returns, and negative returns.
Answer for screen readers
The three stages of production in economics are: increasing returns, diminishing returns, and negative returns.
More Information
These stages are crucial in understanding how adding more inputs can initially increase output, but eventually lead to inefficiency and decreased productivity.
Sources
- The Three Stages Of Production - FasterCapital - fastercapital.com
- What are the 3 stages of production in economics? - Quora - quora.com
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