SSC CGL Exam > SSC CGL Videos > Economics for SSC CGL Exam (Hindi) > Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS
Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)
FAQs on Economics for SSC CGL Exam - Production Part 2 - 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 transforming inputs (such as raw materials, labor, and capital) into outputs (such as goods and services) to satisfy the needs and wants of individuals and society. It involves various activities like planning, organizing, coordinating, and controlling resources to maximize efficiency and productivity.
| 2. What are the factors of production? | |
Ans. The factors of production are the resources used in the production process. They include land, labor, capital, and entrepreneurship.
- Land: It refers to all natural resources used in production, such as land itself, minerals, water, and forests.
- Labor: It represents the physical and mental efforts of individuals involved in production.
- Capital: It includes all man-made resources used to produce goods and services, such as machinery, equipment, tools, and buildings.
- Entrepreneurship: It refers to the ability and willingness to take risks and combine the other factors of production to create new products, services, or business ventures.
| 3. What is the difference between fixed costs and variable costs in production? | |
Ans. Fixed costs and variable costs are the two main components of the total cost of production.
- Fixed costs: These costs do not change with the level of production in the short run. They include expenses such as rent, salaries, insurance premiums, and depreciation of fixed assets. Fixed costs remain constant regardless of the level of output produced.
- Variable costs: These costs vary directly with the level of production. They include expenses such as raw materials, direct labor, and utilities. Variable costs increase as production increases and decrease as production decreases.
| 4. What is the law of diminishing returns in production? | |
Ans. The law of diminishing returns states that as more and more units of a variable input (such as labor) are added to a fixed input (such as capital), the marginal product of the variable input will eventually start to decline. In simpler terms, it means that after a certain point, the additional output gained by adding one more unit of input becomes smaller and smaller.
This law is important in production because it helps firms determine the optimal level of input usage to maximize output and minimize costs. It highlights the importance of balancing inputs in the production process to achieve efficiency.
| 5. How does technology impact production in economics? | |
Ans. Technology plays a crucial role in production as it affects the efficiency and productivity of the factors of production. Advancements in technology can lead to:
- Increase in output: New technologies can help in producing more output using the same amount of resources. For example, the use of automation and machinery can speed up the production process and increase productivity.
- Cost reduction: Technological advancements can lead to cost savings by improving efficiency, reducing wastage, and streamlining production processes. This can result in lower costs of production and increased profitability.
- Innovation: Technology can enable the development of new products, services, and production methods. This can open up new markets, create new business opportunities, and drive economic growth.
Overall, technology is a key driver of economic progress and plays a vital role in shaping production systems and outcomes.
Related Exams
About this Video
|
4.96/5 Rating |
|
Dec 04, 2024 Last updated |
Video Description: Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS for SSC CGL 2024 is part of Economics for SSC CGL Exam (Hindi) preparation.
The notes and questions for Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS have been prepared according to the SSC CGL exam syllabus.
Information about Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS covers all important topics for SSC CGL 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS.
Introduction of Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS in English is available as part of our Economics for SSC CGL Exam (Hindi) for SSC CGL & Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS in
Hindi for Economics for SSC CGL Exam (Hindi) course. Download more important topics related with notes, lectures and mock test series for
SSC CGL Exam by signing up for free.
Description
Video Lecture & Questions for Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi) - SSC CGL full syllabus preparation | Free video for SSC CGL exam to prepare for Economics for SSC CGL Exam (Hindi).
Information about Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS
Here you can find the meaning of Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS defined & explained in the simplest way possible.
Besides explaining types of Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS theory, EduRev gives you an ample number of questions to practice Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS tests,
examples and also practice SSC CGL tests.
|
Explore Courses for SSC CGL exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
practice quizzes
,MCQs
,mock tests for examination
,shortcuts and tricks
,Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)
,Previous Year Questions with Solutions
,Viva Questions
,video lectures
,Extra Questions
,Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)
,past year papers
,Objective type Questions
,Free
,Important questions
,Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)
,Semester Notes
,ppt
,study material
,Exam
,Summary
,Sample Paper
;
Study Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS on the App
Students of SSC CGL can study Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Economics for SSC CGL Exam | Production Part 2 | Economics for SSC CGL; SSC CPO; SSC CHSL; SSC MTS is prepared as per the latest SSC CGL syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup