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Published in:
2011 | OriginalPaper | Chapter
1. Introduction
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Abstract
This book is concerned with production and related economic issues.
Generally speaking, production consists of the transformation of factors of production into products. The way in which the production is carried out—the production process—is outlined in Fig. 1.1.
First, the factors of production (also called input) are taken to a production plant, which is where the actual production is carried out by way of a production process, the result of which being one or more products (also called output).