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Production and Factors of Production

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Production and Factors of Production

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Production and Factors of Production

  1. 1. Konok Kumar Mondal 1
  2. 2. Production is a process of combining various material inputs and immaterial inputs (plans) in order to make something for consumption (the output). *The production functions specifies the maximum output that can be produced with a given quantity of input. 2
  3. 3. The most important forms of production are market production public production household production 3
  4. 4. Factors of production are the resources the economy uses to produce goods & services, including labor land capital (buildings & machines used in production) 4
  5. 5. Labor is human capital. Labor market, like other markets in the economy, are governed by the forces of supply and demand. 5
  6. 6. THE MARKET FORCES OF SUPPLY AND DEMAND 6 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 0 5 10 15 20 25 30 35 The supply demand for apples pickers determine the price or wage of apples pickers Demand Supply wage of apple pickers Quantity of apples
  7. 7. Land is not created by mankind but it is a gift of nature. Original sources of all material wealth. 7
  8. 8. 8 P Q Deman d Supply Price of land quantity of land Supply and demand determine the compensation paid to the owners of land. P1 Q1
  9. 9. Capital is man made factor of production. It involves time element. 9
  10. 10. Financial capital Social capital Natural capital Instructional capital Human capital 10
  11. 11. 11 Demand P Q Supply P1 Q1 price of capital quantity of capital The compensation paid to the owners of capital.
  12. 12. 12

Production and Factors of Production

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