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Explain the problem 'how to produce’.

Class 11 Economics in Class 11 3 years ago

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Solution :This studies how to organise PRODUCTION. It is the second basic ECONOMIC PROBLEM of RESOURCE allocation.It is concerned with the choice of technique production. For example, production of cloth is possible either by handlooms or by modern machines.This problem is concerned with the efficient use of resources which implies more production with low cost.Thus, one needs to decide the efficient technique of production which uses the least amount of scarce resources to provide the same amount of output.
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Posted on 11 Dec 2021, this text provides information on Class 11 related to Economics in Class 11. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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