Introduction to Microeconomics

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11. The Structure of Production

  • Introduction to Micro
February 12, 2010

Tags Austrian Economics OverviewProduction Theory

As factors of production, supply and demand of labor, land and capital will determine how much the producer will get out of this process. This process occurs in different stages. In the earlier or higher stages, producers' goods must be produced that will later cooperate in producing other producers'  goods that will finally co-operate in producing the desired consumers' goods. The consumers' good is valued because it is consumed - directly satisfying man's ends.

Part 11 of 14. Presented in 1986 at New York Polytechnic University.


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