State two aspects included in the term 'increase in production'?
Answers
Answer:
The two aspects in the term, "increase in production", are:-
a-improving quality-price-ratio to goods and services
b-increasing incomes from growing / and / or / more efficient market production
Explanation:
Production is one of the key main points of functioning of any economy because the demand of the economy is made when goods and services are produced. This makes up the supply line of the economy and helps the functioning to work.
For any economy to be able to function properly, there is a need of an effective production system. This refers to the major 3 questions that arise in an economy, what to produce, how to produce and for whom to produce.
Thus when production is increased, people look at the factors that how can the quality be made better, how can the goods be cost effective in regard to income level and how can the production system be changed to make it more market efficient.
Answer:
The two aspects in the term, "increase in production", are as follows:-
• Refining the ratio of price and quality of the services as well as the goods
• Enhancing incomes and more effective market production
Explanation:
An economy primarily depends on production. In fact production is the vital factor behind functioning of an economy. When there is increased production people seek ways to enhance the quality of products or plane to make the goods or services cost effective or even focus on altering the production system in order to make it relevant to the on-going market scenario.