Transcription of 8 COST AND REVENUE - National Institute of Open Schooling
{{id}} {{{paragraph}}}
Example: quiz answers
8 COST AND REVENUE - National Institute of Open Schooling
MODULE - 3 cost and RevenueECONOMICSN otesProducing Goods andServices 718 cost AND REVENUEA producer has to work very hard to produce a good or service. He has to makea lot of effort in the process. In the beginning, the producer must arrange moneyto organize the production activity. We have already said that various factors in theform of land, labour, and capital are required to produce goods. These factors arenot available for free. The producer must purchase them in the right quantity neededfor production. Similarly, raw materials and other things have to be purchased andstored. To purchase these things, the producer must be ready to pay the pricefor the goods or services are produced, the producer sells them in the marketto various consumers.
stored. To purchase these things, the producer must be ready to pay the price for them. Once the goods or services are produced, the producer sells them in the market to various consumers. At this time, the consumers pay price to the producer to purchase the goods and services. With this the producer starts earning money. So,
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: