The simple model of production assumes that the opportunity cost of production is?

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25-08-2022
Business

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The simple model of production assumes that the opportunity cost of production is?

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rafikiedu05 rafikiedu05 · Answer 1 · 2022-08-30T20:13:56+02:00

The simple model of production assumes that the opportunity cost of production is constant.

Production is the system of mixing various fabric inputs and immaterial inputs (plans, knowledge) so that you can make something for intake (output). it is the act of creating an output, a great or carrier which has a fee and contributes to the software of individuals.[1] The region of economics that focuses on manufacturing is referred to as the manufacturing principle, that's intertwined with the consumption (or customer) idea of economics.

four elements of production The production system and output directly end result from productively utilizing the authentic inputs (or factors of manufacturing). known as primary manufacturer goods or offerings, land, labor, and capital are deemed the 3 essential manufacturing factors. these primary inputs are not substantially altered inside the output technique, nor do they come to be a whole element in the product.

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