Question

Explain different concepts of the cost of production. ​

Answer 1

Explanation:

Production costs may include things such as labor, raw materials, or consumable supplies. In economics, the cost of production is defined as the expenditures incurred to obtain the factors of production such as labor, land, and capital, that are needed in the production process of a product.

Answer 2

Answer:

The expenditures incurred to obtained the factors of production such as labor,land and capital