What is Production Function? Definition and Explanation: ‚ Production of goods requires resources or inputs. These inputs are called factors of production named as land‚ labor‚ capital and organization. A rational producer is always interested that he should get the maximum output from the set of resources or inputs available to him. He would like to combine these inputs in a technical efficient manner so that he obtains maximum desired output of goods. The relationship between the inputs and
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technological relationships between inputs‚ especially labour and capital‚ and between inputs and outputs. An input is a good or service that goes into the production process. As economists refer to it‚ an input is simply anything which a firm buys for use in its production process. An output‚ on the other hand‚ is any good or service that comes out of a production process. Economists classified inputs as (i) labour; (ii) capital; (iii) land; (iv) raw materials; and‚ (v) time. These variables
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FUNCTIONS OF FINANCE Finance function is the most important function of a business. Finance is‚ closely‚ connected with production‚ marketing and other activities. In the absence of finance‚ all these activities come to a halt. In fact‚ only with finance‚ a business activity can be commenced‚ continued and expanded. Finance exists everywhere‚ be it production‚ marketing‚ human resource development or undertaking research activity. Understanding the universality and importance of finance‚ finance
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FUNCTIONS OF MARKETING The marketing process performs certain activities as the goods or services move from producer to consumer. Every firm does not perform all these activities or jobs. However‚ any company that wants to operate its marketing system successfully must carry them out. The following marketing tasks have been recognized for a long time. 1. Selling It is core of marketing. It is concerned with the persuasion of prospective buyers to actually complete the purchase of an
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PRODUCTION FUNCTION Objectives After going through this unit‚ you should be able to: familiarise with the concepts and rules relevant for production decision analysis; understand the economics of production; understand the set of conditions required for efficient production. Introduction to Microbes Structure 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 Introduction Production Function Production Function with one Variable Input Production Function with two Variable Inputs The Optimal Combination
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The function of money The main functions of money are distinguished among the terms of: a medium of exchange‚ a unit of store value and standard of deferred payments. Money as a Measure of value In money‚ economy values of all commodities are expressed in the terms of money. Money is the means by which we a measure the disparate things which make up the economy. This functions of money makes transactions. Money as a store of value In order to be a medium of exchange‚ money must hold its
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FUNCTIONS OF SEBI SEBI is the nodal agency which protects the interests of an investor in the India market. Otherwise regulation of the capital markets is primarily the responsibility of the Securities and Exchange Board of India (SEBI)‚ which is located in Bombay. Some of the major functions of SEBI are: • " SEBI is expected to regulate the business in stock exchanges and any other securities markets. • " Registering and regulating the working of collective investment schemes‚ including
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level of efficiency. human resources involves ongoing strategies to manage and develop an organization’s workforce. It is proactive‚ as it involves the continuous development of functions and policies for the purposes of improving a company’s workforce. Personnel management is often considered an independent function of an organization. Personnel management can include administrative tasks that are both traditional and routine. Production and operation management Production and Operations
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CHAPTER 1 The Basic Theory of Human Capital 1. General Issues One of the most important ideas in labor economics is to think of the set of marketable skills of workers as a form of capital in which workers make a variety of investments. This perspective is important in understanding both investment incentives‚ and the structure of wages and earnings. Loosely speaking‚ human capital corresponds to any stock of knowledge or characteristics the worker has (either innate or acquired) that contributes
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operations function is concerned with getting things done i.e. producing goods and/or services for customers. Effectively‚ the main objective of the operations function is to produce those goods and services required by customers whilst managing resources as efficiently as possible. 2. RELATINSHIP WITH OTHER ORGANIZATIONAL FUNCTIONS The operations function lies at the heart of any organization and interacts with all the other functions. Although the various organizational functions involve
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