Cost of Production

This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.

• 00:47 “Whenever you hear the word cost, what does it mean? Costs, as the name implies, refers to the economic value that is attached to a particular product or service. The value that is attached to a particular product or word...”
• 01:35 “Before the producer can release the Maca at rate of 150, believe me, the profit must have been embedded in the selling price. So what exactly does it cost, that producer to produce the Maca, when you want to know the ove...”
• 00:00 “Good students, standing before you here is Mr. Kenny and how we're taking you economics on a very interesting topic which I call cost concepts, cost concepts, okay? This is a very interesting topic that you need to learn...”