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Understanding Production Concepts and Costs by Angel Santos is a document available to read on EtoBox.
What is Understanding Production Concepts and Costs about?
Production is the creation of goods and services to satisfy human wants and needs. It involves transforming inputs like labor, capital, land, and entrepreneurship into outputs. The five factors needed for production are manpower, money, machines, materials, and methods. Goods and services are produced through a process that transforms raw materials as inputs into finished products as outputs. Pricing of products can be determined through cost-oriented, demand-oriented, or competition-oriented methods.
- Author
- Angel Santos
- Language
- EN