Introduction: In economic theory, the law of variable proportion occupies an vital place. It is one of the fundamental laws of production. The law of variable proportion is the new name for the well known”
Meaning of Capital: In ordinary the term capital means cash or money, but in economics capital does not means only cash it means wealth that is used for producing additional wealth in other what it
Meaning of Land: The term land mean the surface of the earth of soil in ordinary term .but in economic the term lands means not only soil but also all other natural resources available to
Meaning of Economies of Scale: Economies of scale refer to the cost advantages that a business or organization can achieve as a result of an increase in the scale of production or size of operations.
Meaning of production function: The term production means transformation of physical inputs in to physical outputs. The term inputs refers to all those things which are required by the firm to produce a particular product.
Meaning: Production is one of the most important activities in the circle of economic activity. production is the process of changing the form of input or adding utility to the goods. A producer need not
