5.2 The Theory of Production
Unit 2 Lesson 5: The Theory of Production
Main Idea
The change in the variable input called labor results in a change in production. The Law of Variable Proportions looks at how the final product is affected as more units of one variable input or resource are added to a fixed amount of other resources.
Lesson Objectives
By the end of this lesson, students should be able to:
The change in the variable input called labor results in a change in production. The Law of Variable Proportions looks at how the final product is affected as more units of one variable input or resource are added to a fixed amount of other resources.
Lesson Objectives
By the end of this lesson, students should be able to:
- Describe the theory of production.
- Describe the three stages of production.
Reading Assignment
Read pages 122 - 125 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.