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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.
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