SSC CGL Exam  >  SSC CGL Videos  >  Economics for SSC CGL Exam (Hindi)  >  Economics for SSC CGL Exam | Production Part 1 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS

Economics for SSC CGL Exam | Production Part 1 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)

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FAQs on Economics for SSC CGL Exam - Production Part 1 - Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture - Economics for SSC CGL Exam (Hindi)

1. What is the concept of production in economics?
Ans. Production in economics refers to the process of combining various inputs, such as labor, capital, and raw materials, to create goods and services. It involves the transformation of resources into finished products that can be used or consumed by individuals or businesses.
2. What are the factors of production?
Ans. The factors of production are the resources or inputs used in the production process. They include land, labor, capital, and entrepreneurship. Land refers to natural resources such as water, forests, and minerals. Labor represents the human effort and skills used in production. Capital refers to the machinery, equipment, and tools used in production. Lastly, entrepreneurship refers to the ability to organize and manage the other factors of production.
3. What is the difference between fixed costs and variable costs in production?
Ans. Fixed costs are expenses that do not change with the level of production. They include costs such as rent, salaries, and insurance. These costs remain constant regardless of the quantity produced. On the other hand, variable costs are expenses that vary with the level of production. They include costs such as raw materials, direct labor, and utilities. Variable costs increase or decrease as production levels change.
4. How does economies of scale affect production?
Ans. Economies of scale refer to the cost advantages that arise from increased production. As production levels increase, the average cost per unit of output decreases. This is because fixed costs are spread over a larger quantity of goods, resulting in lower production costs. Economies of scale can be achieved through factors such as bulk purchasing, specialization of labor, and efficient use of resources.
5. What is the law of diminishing returns in production?
Ans. The law of diminishing returns states that as more units of a variable input, such as labor or capital, are added to a fixed input, the marginal product of the variable input will eventually decrease. In other words, there is a point where the additional input leads to a less-than-proportional increase in output. This occurs due to factors such as limited resources, inefficiencies, or overcrowding of inputs.
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