shirabe.org
#372,983
Meaning
  1. 1
    English · JMdict
    production function
  2. 2
    English · Wikipedia

    In economics, a production function relates physical output of a production process to physical inputs or factors of production. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, the defining focus of economics.The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it. Production function denotes an efficient combination of inputs and outputs. In macroeconomics, aggregate production functions are estimated to create a framework in which to distinguish how much of economic growth to attribute to changes in factor allocation (e.g. the accumulation of capital) and how much to attribute to advancing technology. Some non-mainstream economists, however, reject the very concept of an aggregate production function.

    Read full article on Wikipedia · CC-BY-SA

Forms
Save this word to start reviewing it with spaced repetition. Save word

Grammar codex

What the coloured tags mean

Hiragana

ひらがな

The rounded, flowing kana. Hiragana writes native Japanese words, grammar endings, and anything without (or alongside) kanji — it's the first script you learn. Each character stands for one syllable.

Example

ねこ — cat