After reading this article you will learn about the concepts and input output model of production system. Concept of Production System: The production system is a part of a larger system - the business firm. The production system can be viewed as a framework or skeleton of activities within which the creation of value can occur. Briefly, the difference between [...]
After reading this article you will learn about the application of economics to plants and industrial undertakings. Economics is the science which studies human behaviour as a relationship between ends (objectives) and scarce means (limited resources) which have alternative uses. Economics can be divided into two parts: (a) Macro-Economics: Macro-Economics deals with whole economy. It studies the growth of national [...]
After reading this article you will learn about the calculation of productivity and factors affecting it. Calculation of Productivity: Productivity of a production system is analogous to the efficiency of a machine. Just as it is desired to increase the efficiency of a machine, it is also aimed at to raise the productivity within the available resources. Productivity may be [...]