Which of the following equations shows "production" being used correctly? 1. scarcity forces tradeoffs = production
2. costs + benefits = production
3. land + labor + production = capital
4. land + labor + capital = production

By the end of this section, you will be able to:

Understand the concept of a production function

Differentiate between the different types of inputs or factors in a production function

Differentiate between fixed and variable inputs

Differentiate between production in the short run and in the long run

Differentiate between total and marginal product

Understand the concept of diminishing marginal productivity

the rebels’ chances of victory at lexington & concord were fairly slim, given the fact that most of them very untrained and they were up against the world's greatest military force.  

for many centuries there were important factors which the economies of the muslim empires developed increasingly. they applied economic procedures in production, investment, finance, taxation and property. they used to tax certain goods (for example: harvest), they charged interest on money lent, they signed contracts with merchants; they relied on a common currency, and they used checks as well as promissory notes. with the money collected by means of taxation, the government provided the needy with an income. in addition, trading networks covered huge distances, so far regions started to have contact and exchange goods. this trade network covered areas of asia, africa and europe.