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Production Function

PRODUCTION CAN BE DEFINED AS CREATION OR ADDITION OF UTILITY TO NATURAL RESOURCES FOR GAINING GREATER SATISFACTION. LAND IS A GIFT OF NATURE. IT IS SRICTLY LIMITED IN QUANTITY AND SUPPLY IS INELASTIC. LABOUR TO HAVE AN ECONOMIC SIGNIFICANCE, MUST BE ONE WHICH IS DONE WITH THE MOTIVE OF SOME

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158 views

Production Function

PRODUCTION CAN BE DEFINED AS CREATION OR ADDITION OF UTILITY TO NATURAL RESOURCES FOR GAINING GREATER SATISFACTION. LAND IS A GIFT OF NATURE. IT IS SRICTLY LIMITED IN QUANTITY AND SUPPLY IS INELASTIC. LABOUR TO HAVE AN ECONOMIC SIGNIFICANCE, MUST BE ONE WHICH IS DONE WITH THE MOTIVE OF SOME

Uploaded by

ankit_coolhead
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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PRODUCTION FUNCTION PRODUCTION CAN BE DEFINED AS CREATION OR ADDITION OF UTILITY TO NATURAL RESOURCES FOR GAINING GREATER SATISFACTION. CHANGING THE FORM OF NATURAL RESOURCES. PLACE UTILITY TIME UTILITY PERSONAL UTILITY ENTIRE PROCESS OF PRODUCTION IS NOTHING BUT CREATION OF FORM UTILITY, PLACE UTILITY, TIME UTILITY OR PERSONAL UTILITY. FACTORS OF PRODUCTION LAND,LABOUR, CAPITAL AND ORGANISATION LAND: LAND IS A GIFT OF NATURE. IT IS SRICTLY LIMITED IN QUANTITY AND SUPPLY IS INELASTIC. IT INCLUDES NATURAL RESOURCES, FERTILITY OF SOIL, WATER,AIR,NATURAL VEGETATION ETC.LAND DOES NOT YIELD ANY RESULT UNLESS HUMAN EFFORTS ARE EMPLOYED. LABOUR: LABOUR TO HAVE AN ECONOMIC SIGNIFICANCE, MUST BE ONE WHICH IS DONE WITH THE MOTIVE OF SOME ECONOMIC REWARD. CHARACTERISTIC OF LABOUR LABOUR CONNOT BE SEPARATED FROM THE HUMAN BEINGS. HIGHLY PERISHABLE LABOUR POWER DIFFERS FROM LABOURER TO LABOURER. ALL LABOUR IS NOT PRODUCTIVE BACKWARD BENDING SUPPLY CURVE. DIVISION OF LABOUR: PROFESSIONAL SPECIALISATION SPECIALISATION BY PROCESS TERRITORIAL SPECIALISATION

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