Production,to an economist,means any activity that results in the creation of goods and service. Goods and services are produced to satisfy humankind’s unlimited wants. In this chapter, the various aspects of production are dealt with under the following headlines

• Meaning of production

• Types of production

• Factors of production

• Rewards of factors of production

• Division of labour and specialization

• Scales of production: large and small firms

• Production Possibility Curve
   Law of diminishing returns.


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