Study Materials

Meaning and Types of the Production Function

Meaning of the Production Function The technical process that links inputs to the output of a good is known as the production function of that good. It is defined as the technological relationship between inputs and output giving the maximum output that can be produced from various input combinations. The production function analyses the relationship …

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Production, Total Product(TP), Average Product(AP), and Marginal Product(MP)

Meaning of Production In economics, production means the creation of utility for sale. The act of creating utility is done by transferring a set of inputs into some output of good or service. The output has a greater utility than the inputs together. Thus, output or new product created is sold in the market. If …

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Characteristics of Developing Countries

The countries in which the process of development has started but not completed and having a developing phase of different economic aspects or dimensions like per capita income or GDP per capita, human development index (HDI), living standards or fulfillment of basic needs, and so on. The UN identifies developing countries as a country with …

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Use or Importance of Macroeconomics

Macroeconomics is the study of aggregates like national income, national product, total consumption, total saving, total investment, etc. Study of macroeconomics assists to realize the operation of a complicated modern economic system. It defines and describes how the economy functions and how the level of national income and employment is determined based on aggregate demand …

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