Which of the following is related to the problem ' how to produce"

1.	Which of the following is related to the problem ' how to produce"
Answer» Answer: How to produce refers to the technique of PRODUCTION. The PROBLEM of CHOICE emerges because there are more than one way of producing GOODS and services. Broadly there are two techniques of production : Capital intensive technique LABOUR intensive technique The choice between the labour intensive technique and capital intensive technique becomes a problem because the producers need to minimise their cost , and at the same time , maximise their efficiency .

Answer»

Answer:

How to produce refers to the technique of PRODUCTION. The PROBLEM of CHOICE emerges because there are more than one way of producing GOODS and services.

Broadly there are two techniques of production :

Capital intensive technique

LABOUR intensive technique

The choice between the labour intensive technique and capital intensive technique becomes a problem because the producers need to minimise their cost , and at the same time , maximise their efficiency .

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Which of the following is related to the problem ' how to produce"

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