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Paul Samuelson | Production Function | Economics : Meaning, Definition


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Economics 

Economics is the study of how man and society choose with or without the use of money to employ the scarce productive resources, which have alternative uses, to produce various commodities over time and distribute them for consumption, how or in the future among various people or groups in society. 
Economics is concerned with determining the pattern of employment of scarce resources to produce commodities ‘over time’

Production Function 

“The production function is the Technical relationship telling the maximum amount of output capable of being produced by each and every set of specified inputs. It is defined for a given set of technical knowledge.”

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