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Production Economics
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This book is concerned with production and related economic issues.
Generally speaking, production consists of the transformation of factors of
production into products. The way in which the production is carried out—the
production process—is outlined in Fig. 1.1.
First, the factors of production (also called input) are taken to a production
plant, which is where the actual production is carried out by way of a production
process, the result of which being one or more products (also called output).
An example: producing the product cereal involves adding the factors of production
seeds, fertiliser, pesticides, labour, and machinery to the production plant
land. The production process then takes place which includes the cultivation of the
land, sowing, spraying, the waiting time required for the cereal crops to grow, and
subsequent harvesting. The final result is two products: cereal (grain) and straw.
The economic issues related to production are based on the assumption that
production takes place within the framework of what we call a firm (or company).
The firm, in the classical sense, is an entity made up of production facilities
(assets) owned by a physical person or a legal person (stockholder company
Svend Rasmussen - Personal Name
1st Edition
978-3-642-14610-7
NONE
Production Economics
Economics
English
Springer Heidelberg Dordrecht
2011
London
1-287
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