ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A production function is the process of turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.

Detailed explanation-2: -Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.

Detailed explanation-3: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-4: -Land, labor, capital and entrepreneurship are the four categories of factors of production.

Detailed explanation-5: -A production process is a method of using economic input or resources, like labor, capital equipment or land, to provide goods and services to consumers.