Introduction to Production and  Resource Use

Introduction to Production and Resource Use PowerPoint PPT Presentation


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Conditions for Perfect Competition. Homogeneous productsNo barriers to entry or exitLarge number of sellersPerfect information. . Classification of Inputs. Land: includes renewable (forests) and non-renewable (minerals) resources.Labor: all owner and hired labor services, excluding management.Capital: manufactured goods such as fuel, chemicals, tractors and buildings.Management: production decisions designed to achieve a specific economic goal..

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Introduction to Production and Resource Use

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1. Introduction to Production and Resource Use Chapter 7

2. Conditions for Perfect Competition Homogeneous products No barriers to entry or exit Large number of sellers Perfect information

3. Classification of Inputs Land: includes renewable (forests) and non-renewable (minerals) resources. Labor: all owner and hired labor services, excluding management. Capital: manufactured goods such as fuel, chemicals, tractors and buildings. Management: production decisions designed to achieve a specific economic goal.

4. Production Function

5. Production Function

7. Other Physical Relationships

8. Other Physical Relationships

12. Law of Diminishing Marginal Returns

13. Key Cost Relationships

14. Key Cost Relationships

15. Key Cost Relationships

24. Key Input Relationships

25. Key Input Relationships

29. A Final Thought

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