CA Foundation Business Economics Study Material Chapter 3 Theory of Production and Cost - Meaning of Production Meaning of Production Production is one of the important economic activity that takes place in any economy apart from consumption and investments. An individual firm is the micro-economic unit which undertake the production of goods and services. A firm’s … [Read more...] about CA Foundation Business Economics Study Material – Meaning of Production
Theory Of Production and Cost
CA Foundation Business Economics Study Material – Concepts of Product
CA Foundation Business Economics Study Material Chapter 3 Theory of Production and Cost - Concepts of Product Product i.e. output refers to the volume of goods produced by a firm in a particular period of time. There are three concepts relating to the physical production by factors namely- Total Product (TP), Average Product (AP), and Marginal Product (MP). 1. … [Read more...] about CA Foundation Business Economics Study Material – Concepts of Product
CA Foundation Business Economics Study Material – Fixed Inputs (Fixed Factors) and Variable Inputs (Variable Factors)
CA Foundation Business Economics Study Material Chapter 3 Theory of Production and Cost - Fixed Inputs and Variable Inputs Fixed Inputs (Fixed Factors) and Variable Inputs (Variable Factors) Comparison Fixed Inputs Variable Inputs (i) Meaning The factors which cannot be easily and quickly changed and require long time to make adjustment in them with the … [Read more...] about CA Foundation Business Economics Study Material – Fixed Inputs (Fixed Factors) and Variable Inputs (Variable Factors)
CA Foundation Business Economics Study Material – Production Function
CA Foundation Business Economics Study Material Chapter 3 Theory of Production and Cost - Production Function Production Function Output is a function of inputs i.e. factor services such as land, labour and capital which are used in production. In other words, production is a transformation of PHYSICAL INPUTS into PHYSICAL OUTPUT. The functional relationship between … [Read more...] about CA Foundation Business Economics Study Material – Production Function
CA Foundation Business Economics Study Material – Factors of Production
CA Foundation Business Economics Study Material Chapter 3 Theory of Production and Cost - Factors of Production Factors of Production Land: Generally, land means earth’s surface. However, in economics land refers to all the free gifts of nature i.e. natural resources. Land includes natural resources: on the surface of earth; E.g. Soil, forest, plots of land, etc. … [Read more...] about CA Foundation Business Economics Study Material – Factors of Production