WELCOME TO YOU I heartily welcome you to read this post on "factors of production" which is an important concept in Economics as well as business sciences. Generally it is the Part of quantitative research analysis but      indirectly qualitative analysis also.  ------------------------------ Production As we've written in production concepts, It is the process of converting inputs to output which has utility to satisfy human wants. Production of a good is not possible with only a person. The process has to involve both natural resources and manmade factors. Production is a main concept in economics. It is the question arises what to create/produce, when and time.  Factors of production Now we know that it is not possible to produce a commodity/good with only 1 involvement. It has to engage with number of cycles and have to move different hands to reach the hands of consumer. Factor of production refers to the resources or factors which participate in the process of produ

WELCOME TO YOU I heartily welcome you to read this post on the  concepts related to Production in Economics. Share your thoughts because they're very powerful. ------------------------------ Production function Production function explains the relationship between inputs and outputs. It is a mathematical equation which shows the functional relationship between the inputs used to produce output. When input increases, the output also increases. It can be expressed mathematically as: Q=f(n, l, k, o, t) Where   F=Functional relationship.  n = Land and natural resources.  l = Labour.  k = Capital.  o = Organisation.  t = Technology.  Note: The modern economists consider technology as also a factor of production. because technology is also a highly determining factor and influential factor for production and output. Iso-product curve (Iso-quant or Production indifference curve) Iso-quant refers to equal quantity or product means output. It is a graphical presentation. It is the locus of