Production, costs, and pricing

:See also: record producer.

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In microeconomics, praduction is the act of making things, in particular the act of making products that will be traded or sold commercially. Production decisions concentrate on what goods to produce, how to produce them, the costs of producing them, and optimizing the mix of resource inputs used in their production. This production information can then be combined with market information (like demand and marginal revenue) to determine the quantity of products to produce and the optimum price to charge.

Related Topics:
Microeconomics - Product

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(In macroeconomics, production is measured by gross domestic product and other measures of national income and output.)

Related Topics:
Macroeconomics - Gross domestic product - Measures of national income and output

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