Production function
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In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important 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.
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See also
- Assembly line
- Computer-aided manufacturing
- Distribution (economics)
- Division of labour
- Economic region of production
- Industrial Revolution
- Mass production
- Production
- Production theory basics
- Production, costs, and pricing
- Production possibility frontier
- Productive forces
- Productive and unproductive labour
- Productivity
- Productivity improving technologies (historical)
- Productivity model
- Second Industrial Revolution
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