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Which of these comes under the study of production?
- a)The choice of produce, given limited resources
- b)Adjusting the price of a product to maximize profits
- c)Distribution of a country's GDP
- d)The choice of a consumer, given alternatives.
Correct answer is option 'A'. Can you explain this answer?
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Which of these comes under the study of production?a)The choice of pro...
Production deals with the choice of produce, given costs and prices when the resources are limited.
Most Upvoted Answer
Which of these comes under the study of production?a)The choice of pro...
Production is the process of creating goods and services using various inputs such as labor, capital, and natural resources. It involves making decisions about what to produce, how to produce it, and for whom to produce it. The study of production is an important part of economics and business management. It helps us understand how businesses operate and how they make decisions to maximize their profits.
Production and the Choice of Produce
The choice of produce is an important aspect of production. Producers must decide what goods and services to produce given their limited resources. In other words, they must choose which products will be profitable and which will not. This involves analyzing market demand, production costs, and potential profits. The study of production helps us understand how producers make these decisions and how they can optimize their production processes to increase efficiency and profitability.
Other Factors Related to Production
While the choice of produce is the most important aspect of production, there are other factors that are also important. For example, adjusting the price of a product to maximize profits is a marketing decision that is related to production. However, it is not considered to be a part of the study of production itself. Similarly, distribution of a country's GDP is an important economic concept, but it is not directly related to production.
Conclusion
In conclusion, the study of production is concerned with the process of creating goods and services using various inputs. It involves making decisions about what to produce, how to produce it, and for whom to produce it. The choice of produce is the most important aspect of production, as producers must decide which products will be profitable given their limited resources. Understanding production is important for anyone interested in economics or business management.
Production and the Choice of Produce
The choice of produce is an important aspect of production. Producers must decide what goods and services to produce given their limited resources. In other words, they must choose which products will be profitable and which will not. This involves analyzing market demand, production costs, and potential profits. The study of production helps us understand how producers make these decisions and how they can optimize their production processes to increase efficiency and profitability.
Other Factors Related to Production
While the choice of produce is the most important aspect of production, there are other factors that are also important. For example, adjusting the price of a product to maximize profits is a marketing decision that is related to production. However, it is not considered to be a part of the study of production itself. Similarly, distribution of a country's GDP is an important economic concept, but it is not directly related to production.
Conclusion
In conclusion, the study of production is concerned with the process of creating goods and services using various inputs. It involves making decisions about what to produce, how to produce it, and for whom to produce it. The choice of produce is the most important aspect of production, as producers must decide which products will be profitable given their limited resources. Understanding production is important for anyone interested in economics or business management.
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Which of these comes under the study of production?a)The choice of produce, given limited resourcesb)Adjusting the price of a product to maximize profitsc)Distribution of a country's GDPd)The choice of a consumer, given alternatives.Correct answer is option 'A'. Can you explain this answer?
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