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Production, costs, and pricing

(Redirected from Production)

In microeconomics, production is the act of making things, in particular the act of making products that will be traded or sold commercially. Production decisions concentrate on what goods to produce, how to produce them, the costs of producing them, and optimizing the mix of resource inputs used in their production. This production information can then be combined with market information (like demand and marginal revenue) to determine the quantity of products to produce and the optimum price to charge.

(In macroeconomics, production is measured by gross domestic product and other measures of national income and output.)

Aspects of production and pricing theory

See also

microeconomics, Important publications in production theory

Last updated: 02-02-2005 13:43:11
Last updated: 02-20-2005 19:56:56