Outcome: Defining Production

What you’ll learn to do: define the term “production” and explain what a production function is

In this section, we will learn more about the behavior of firms and how they make production decisions.

The specific things you’ll learn to do in this section include:

  • Define the term “production inputs,” and differentiate between labor, land, capital, entrepreneurship, technology

LEARNING ACTIVITIES

The learning activities for this section include:

  • Reading: Cost and Industry Structure
  • Reading: Factors of Production
  • Self Check: Defining Production

Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.

License

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ACC Principles of Microeconomics by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.