Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 01:04 “All right, let's go on now with the definition. Okay, production, what is production? Production is the making of goods and the provision of services that satisfy the needs of people. Making of goods and provision of ser...”
- 02:43 “Like we said that production is getting those raw materials into finished goods and some of the services that has to be provided to make our things to be equal, right? We have types of production, types of production. On...”
- 04:16 “farmers and so on and so forth. So the primary production can also be classified as extractive production, extractive production. Okay, we have a secondary stage of production, which we call, I mean, which means those ra...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 01:01 “However, when you produce an item and then you sell that item, you will realize money. Is that so? Now, the total amount you have realized when you sell a commodity you have produced, that total amount realized is what w...”
- 16:19 “Here is 24, here is 24. What do we call that? Whenever your TR is equals to your TC, what do you call that? In economics, whenever TR is equal to TC, that is all called brick-even points. What happens at brick-even point...”
- 15:24 “where do you have maximum profit, maximum profit, okay, so, let's go to the next one, 9, and 8, is that profit, yes, how much profit, profit of 1, R, I know, you see, 9 minus worth, 8, the difference between your, c, R,...”