How Entrepreneurs Optimize Costs of Production?
By optimizing costs of production, entrepreneurs can utilize funds for other purposes – research in developing in new products, putting money in employees pockets or adding new assets in to the company. The cost can compose any of the factors of production - labor, capital, land, entrepreneurship and information. To remain competitive in the market, the company is required to optimize production costs.
Entrepreneurs on their strategy selects the maximum profit.
Production required economic resources, which have fixed prices.
Resources that are used in manufacturing are limited. The company, analyzing capacity to produce goods, trying to choose the most effective combination of resources that provide the least amount of money costs. …
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