Lecture on microeconomics “The Costs of Production”

Lecture on microeconomics. Visiting for everyone is allowed. Topic: “The Costs of Production”

Costs of production relate to the different expenses that a firm faces in producing a good or service.

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In market economies, a wide variety of businesses produce an even wider variety of goods and services. Each of those businesses requires economic resources in order to produce its products. In obtaining and using resources, a firm makes monetary payments to resource owners (for example, workers) and incurs opportunity costs when using resources it already owns (for example, entrepreneurial talent). Those payments and opportunity costs together make up the firm’s costs of production, which we discuss in this lecture.

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