Advanced Level Production

As we said before, production is concern with those activities that aid to satisfy human wants be it directly or indirectly. This topic is not only important to student as they prepare to write, but it is also important because it apply to their day to day activities at home, where ever they find themselves. Students getting this course will learn the various types of production, the different types of goods they will have a mastery of how to combine the various factors of production and make them ready for production. Therefore our focus here has to with ,how factors of production are combine by producers to production , how producers manage their scares resources , how producers maximize profits and minimize losses, to understand the concept and importance of division of labour, the functions of entrepreneur and the law of diminishing returns to scale.

COURSE OVERVIEW

At the end of this lesson, students should be able to;
– Understand the concept of production and its structures.
– Know the types of production and the different types goods produced
– Know the factors of production and the contribution to the process of production
– Understand the way the producers combine the various factors of production and make them ready for production.
– Know the law of diminishing returns and its uses.
– Understand the concept of returns to scale.