1. THE COSTS OF PRODUCTION(notes) 2. ECONOMIC COSTSKeep in mind! Resources are scarce and are used toproduce many different products. The economic cost of using resourcesto…
13th July 2011 LABOUR ECONOMICS HRM 201 The central theme of economic science relates to the optimum utilization of resources to achieve maximum consumer satisfaction through…
Slide 1LONG-RUN, SHORT-RUN AND DIMINISHING RETURNS Chapter 20 Presentation 2 Slide 2 Plant Capacity The size of the factory building, the amount of machinery and equipment,…
1. MADE BY: RISHABH GUPTA XII ‘B’ ROLL NO. 36 2. Production means transformation of inputs into outputs. Supply of product refers to the quantity supplied at…
1. FIRMS, PRODUCTS, AND COSTS: ANINTRODUCTION 2. Types of Firms• Sole or Individual Proprietorship• Partnership• Limited Liability Companies or Corporation 3. Individual…
Slide 1 1 Section 2a Production and Costs Slide 2 2 Overview In this section we want to 1) Think about how production might occur and change as different amounts of inputs…
ch5 Student: ___________________________________________________________________________ 1. The factors of production include: A. Money. B. Profit. C. Land, labor, capital,…