What is Production Function ?
Factors of production agency inputs together with finished goods agency output. Input decides the quantity of output i.e. output depends upon input. Input is the starting betoken together with output is the terminate betoken of production procedure together with such input-output human relationship is called equally "Production Function".
All factors of production similar land, labour, working capital missive of the alphabet together with entrepreneur are required altogether at a fourth dimension to hit a commodity. In economics, production agency creation or an improver of utility.
4 Factors of Production In Economics - Meaning ↓
Factors of production refers to inputs required for conducting production. Input is the starting betoken of every production activity.
According to Prof. Benham, "Anything that contributes towards output is a element of production."
Mere being of anything doesn't larn inwards a element of production only its contribution inwards production procedure is a necessary condition. Dr. Alfred Marshall described factors of production equally "Agents of Production". Cooperation amidst factors is essential to hit anything because production is non a project of unmarried factor.
Four Factors of Production In Economics - Chart ↓
Following nautical chart provides brief tabulated data on iv factors of production.
