3.1.pptx-MEANING AND CONCEPT OF PRODUCTION

MEANING AND CONCEPT OF PRODUCTION

1. Business Economics 107 Unit- 3 Faculty Name: Dr. Shuchi Singhal Designation: Associate Professor School/Dept: Management Email address of Faculty Member: [email protected]

2. Programme Outcomes 2 PO1: Apply knowledge of various functional areas of business PO2: Develop communication and professional presentation skills PO3: Demonstrate critical thinking and Analytical skills for business decision making PO4: Illustrate leadership abilities to make effective and productive teams PO5: Explore the implications and understanding of the process of starting a new venture PO6: Imbibe responsible citizenship towards a sustainable society and ecological environment PO7: Appreciate inclusivity towards diverse cultures and imbibe universal values PO8: Foster Creative thinking to find innovative solutions for various business situations

3. Course Objective and Course Outcomes 3 CO1:Understand the fundamental concepts of Business Economics. CO2:Analyze the relationship between consumer behaviour and demand. CO3:Explore the theory of production through the use of ISO-QUANTS. CO4:Understand the concept and relevance of short-term and long-term cost. CO5:Examine pricing decisions under various market conditions. CO6:Analyse economic challenges posed to businesses

4. Syllabus

5. Unit-III : (Theory of Production) 5 3 .1 MEANING AND CONCEPT OF PRODUCTION 3 .2 FACTORS OF PRODUCTION AND PRODUCTION FUNCTION 3 .3 FIXED AND VARIABLE FACTORS 3.4 LAW OF VARIABLE PROPORTION (SHORT RUN PRODUCTION ANALYSIS )-Part 1 3.5 LAW OF VARIABLE PROPORTION (SHORT RUN PRODUCTION ANALYSIS)-Part 2 3.6 LAW OF VARIABLE PROPORTION (SHORT RUN PRODUCTION ANALYSIS)- Part 3 3.7 LAW OF VARIABLE PROPORTION (SHORT RUN PRODUCTION ANALYSIS)-Part 4 3.8 LAW OF RETURNS TO A SCALE(LONG RUN PRODUCTION ANALYSIS) THROUGH THE USE OF ISOQUANTS- Part 2 3.9 LAW OF RETURNS TO A SCALE(LONG RUN PRODUCTION ANALYSIS) THROUGH THE USE OF ISOQUANTS-Part 3 3.10 LAW OF RETURNS TO A SCALE(LONG RUN PRODUCTION ANALYSIS) THROUGH THE USE OF ISOQUANTS- Part 4 3.11 LAW OF RETURNS TO A SCALE(LONG RUN PRODUCTION ANALYSIS) THROUGH THE USE OF ISOQUANTS- Part 5

6. 3 .1 Meaning and Concept of Production 6

7. 3. 1 MEANING AND CONCEPT OF PRODUCTION By: Shuchi Goel 7

8. Suggested Readings 1. Author : Paul A. Samuelson and William D Nordhaus Title of the Book : Economics Chapter’s Name : Production and Business Organization 2. Author : A. Koutsoyiannis Title of the Book : Modern Micro Economics Chapter’s Name : Theory of Production 3. Author : Christopher R. Thomas & S. Charles Maurice Title of the Book : Managerial Economics-Foundations of Business Analysis and Strategy Chapter’s Name: Production and Cost in the Short Run https://www.toppr.com/guides/business-economics/theory-of-production-and-cost/meaning-of-production / By: Shuchi Goel 8

9. 3. 1 Meaning and Concept of Production Before we can eat our daily bread, someone must bake it. A modern economy has an enormously varied set of productive activities. A farm takes fertilizer, seed, land, and labour and turns them into wheat or corn. An airline takes airplanes, fuel, labour, and computerized reservation systems and provides passengers with the ability to travel quickly through its network of routes. Production is concerned with the supply side of the market. Without production, there can not be consumption. By: Shuchi Goel 9

10. After the analysis of the demand situation of a product, firms face the problem of the organisation of the resources to meet the possible production goals. These resources known as inputs are fed in at one end, and the finished goods known as outputs, emerge at the other end. By: Shuchi Goel 10

11. Conclusion Production is concerned with the supply side of the market. Without production, there can not be consumption. By: Shuchi Goel 11