1. Define production. What are the factors of production? Define production: Production means the creation of Utility. Through production inputs are converted into output which can satisfy or meet wants or demands. So production is a process of transforming inputs into useable outputs. Utilities are created in three forms such as (i) Changing the form (ii) changing time and (iii) changing place. Example: Wood in a forest generally has no utility to a consumer but cutting the wood‚ changing
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-VW VW Ao A1 O Z -VW V= VW+VT N Workpiece Chip VT Cutting tool X Y Ao b=f N VT Absolut velocity a VW = f (x‚ y‚ z) VT = f (x‚ y‚ z) Basic condition of cutting Forces in the material of workpiece and tool makes strain that makes elastic and plastic deformation. (σ1 ) W ≥ (R m ) W (σ1 )T ≤ (σm )T HVT ≈ ( 3 ÷ 5 ) ⋅ HVW Main parameters of cutting procedure V V Vc=Vy Chip Vc=Vy O Z VZ X Y N N VX VX Cutting tool Workpiece
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Cost of Production Fixed costs are those that do not vary with output and typically include rents‚ insurance‚ depreciation‚ set-up costs‚ and normal profit. They are also called overheads. Variable costs are costs that do vary with output‚ and they are also called direct costs. Examples of typical variable costs include fuel‚ raw materials‚ and some labour costs. An example Production costs Consider the following hypothetical example of a boat building firm. The total fixed costs‚ TFC‚ include
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According to Sloman‚ (2004)‚ production is the transformation of inputs into outputs by firms in order to earn profit. Production can be divided into two types‚ that is short-run production and long-run production. Production in the short-run is the production period of time over which at least one factor is fixed as production in the long-run is the production period of time long enough for all factors to be varied. As mentioned by Sloman‚ (2004)‚ production in the short-run is subject to diminishing
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intellectual abilities BIOGRAPHICAL CHARACTERISTICS • Biography: A biography (from the Greek words bios meaning "life"‚ and graphos meaning "write") is an account of a person’s life. • Biographical characteristics represent many of the SURFACE-LEVEL aspects of diversity that are very easy to identify. • Personal Characteristics – such as age‚ gender‚ race and tenure – that are objective and easily obtained from personal records. AGE Older workers bring experience‚ judgment‚ a strong
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planning is the very essence of being an extension professional. Every extension professional‚ regardless of position‚ both responds to requests from the public and is proactive— taking the initiative to meet the needs of the public. Prepared by Lyle Mackey‚ JaneAnn Stout‚ Linda Bostwick‚ and Wendy Wintersteen. “Basic steps of program planning” and chart adapted from University of Nebraska Cooperative Extension materials. File: Program development 6—plan of work . . . and justice for all The Iowa Cooperative
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knowledge and competencies to approach the solution to any work-related problems in a scientifically justifiable way. Students are trained to be conversant with the underlying nature and meaning of scientific research and how such fundamental principles can be operationalised to address relevant social issues in an applied and objective manner. The core content of this include the aims of research‚ the research topic‚ title and research problem‚ literature review‚ research design: population and sampling
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and diseases that can potentially wipe out a whole harvest. In addition‚ a farmer must spend three to five years caring for young cacao trees before they’ll produce their first yield. Cacao harvesting is done by hand. Unlike many contemporary crops‚ cacao can’t be harvested by machines. Each thick pod growing off the trunk and branches of the cacao tree must be plucked by hand. Cacao farming has faced many labor issues. Because it takes lots of backbreaking work from many people to care
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whereas many manufacturing operations and other businesses can have up to 500 employees and still be considered small. Most experts use 500 or fewer employees as a general rule for defining small businesses. The definition of a small business is not limited to the number of employees‚ however. The designation as a small business may be imposed based on overall annual sales. For example‚ hotels‚ which operate within the service industry‚ can earn $30 million annually and still be considered small businesses
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on television and I promised that I will never settle for mediocrity and be the next bar top-notcher. I grew up along with the legal cases that my family has been trying to win for years now. They were fighting for the lands that some people stole from my grandfather. Seeing my family suffer is what motivates me to become a lawyer. I am currently taking up Bachelor of Arts in Communication Research because it would be a good foundation for my law school. Experience of working in a competitive
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