Study of Theory of production
Keywords:
Theory, ProductionAbstract
The theory of production is an economic concept that attempts to explain the criteria by which a company chooses the quantity of each product it sells (its outputs or products) and the quantity of each type of labour, raw material, fixed capital good, etc., that it uses (its inputs or factors of production). The theory relies on several of economics' cornerstone concepts. Relationships between commodity prices and the prices (or wages or rents) of the productive factors used to produce them; “and relationships between the prices of commodities and productive factors, on the one hand, and the quantities of these commodities and productive factors, on the other hand, are all examples.
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