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Tag Archives | Production

Productivity: Meaning, Concept, Formulas, Techniques, Measurement and Advantages

Productivity refers to the physical relationship between the quantity produced (output) and the quantity of resources used in the course of production (input). “It is the ratio between the output of goods and services and the input of resources consumed in the process of production.” Productivity is the ratio between output of wealth and input […]

Examples of Cost of Production

Examples of cost of production: 1. Sunk Cost and Future Cost 2. Actual Cost 3. Opportunity Cost 4. Explicit Cost 5. Implicit Cost 6. Money Cost and Real Cost 7. Private Cost and Social Cost 8. Selling Cost 9. Overhead Cost. Example # 1. Sunk Cost and Future Cost: Expenditure which has been incurred in […]

Land in Economics: Notes, Characteristics, Functions, Importance and Productivity

In this article we will discuss about:- 1. Meaning and Definition of Land 2. Characteristics of Land 3. Functions 4. Importance 5. Productivity. Notes on Land: The term ‘land’ generally refers to the surface of the earth. But in economics, it includes all that, which is available free of cost from ‘nature’ as a gift […]

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