At its simplest level, production of a good consists of transforming [...]
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inputs, or factors of production
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Open it At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because
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3.3. The Supply Function and the Supply Curve between those two values, the greater is the willingness of producers to supply the good.
In another reading, we will explore the cost of production in greater detail. At this point, we need to understand only the basics of cost. <span>At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors. Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For si
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