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Which of these economic problem deals with technique of production?

Answer» <html><body><p>What Produce <br/>How to Produce <br/>For whom to Produce <br/>None of these.</p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>. This problem refers to selection of technique to be used for <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> and services. A good can be produced <a href="https://interviewquestions.tuteehub.com/tag/using-7379753" style="font-weight:bold;" target="_blank" title="Click to know more about USING">USING</a> different <a href="https://interviewquestions.tuteehub.com/tag/techniques-1240432" style="font-weight:bold;" target="_blank" title="Click to know more about TECHNIQUES">TECHNIQUES</a> of production. By ‘technique’, we mean which particular combination of inputs to be used. Generally, techniques are classified as: Labour intensive techniques (LIT) and Capital intensive techniques (CIT).i. In Labour intensive technique, more labour and less capital (in the form of machines, etc.) is used.ii. In Capital intensive technique, there is more capital and less labour utilization.</body></html>


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