Briefly explain the concept of organization of production.
⇒Production which means the physical transformation of inputs into output is deeply related to the question how to produce. There are four factor of production land labour capital or organization and the question implies which factor (factor combination) to be used intensively to produce the given output. There are two methods; labour intensity and capital intensity method. For the less developed country (like india). The labour intensity method is more useful and in developed countries capital intensity method.
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