Tag - production

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[Economy] Rangarajan Gas Pricing, Production Sharing Contract (PSC), APM, Non-APM, issues, recommendations

Introduction What is Production Sharing Contract(PSCs) ? Royalty-tax regime Problems faced by Oil/Gas exploration companies CAG-Audit Present Gas Pricing Mechanism 1. Administered Pricing Mechanism (APM) 2. Non-APM Criticism on Rangarajan’s gas pricing Summary points Introduction Rangarajan is a noted economist, ex-Governer of RBI, ex-MP, Chairman [...]

What are the peculiarities of land as a factor production ?

Ans. The peculiarities of land as an economic resource are given as follows (i) Gift of Nature- Although land. i~ a free gift of nature with limited and fixed supply, yet it is not available free 0f cost. Market price of land comes into existence [...]

What is a production system ? What are tire measures of labour productivity and cost productivity ?

Ans. Production System - A production system is the design process by which elements are transformed into useful products. A process is an organized procedure for accomplishing the conversion of input into output, as shown in fig. 5.3. Ans. There are the following types of [...]

What is the difference between production and productivity ?

Ans. Sometimes, there arises confusion between production and productivity. Thus, it is essential to differentiate them, so that there may not be any confusion. "Production" of any commodity or service is the volume of output irrespective of the quantity or quality of resources used [...]

What is the law of diminishing return as applied to any production system?

Ans. The law of variable proportions was initially called the law of diminishing returns by Marshall. Now it is one of the fundamental law of economics. The law of diminishing returns deals with the short-run. let the short run, factors of production are of [...]

Suggest a suitable production system for an automobile industry.

Ans. Production System for an Automobile Industry - Points which shows the suitable production system for an automobile industry - (i) Production Planning - It is defined as the predetermination of future achievement to meet the desired objectives. Production planning begins with an analysis of [...]

What do you understand by production system ? Explain the various types of production and explain their advantages and disadvantages.

Ans- Advantages - (a) This type of production needs less money and easy to start. (b) Because of flexibility, there .is no chance of failure of factory due to the reduction of demand in particular field. (c) There is no managerial problem, because of very less number of [...]

What is a production system ? Explain. Or What do you understand by production system ? Give a diagram of simplified production system.

Ans. Production system is a part of big system i.e., organization/ business firm. It is the system works as a skeleton of activities by' which creation of any activity can occur. There are two ends in a production system, at one end of the [...]

How does production system for an automobile industry differ from a cement plant ?

Ans. Production system for an automobile industry is differ from production system for a cement plant in the following ways - (i) Production system for an automobile industry has a decentralized control on the other hand. In cement plant most of the control production as [...]

What are the differences between mass production and flow production ?

Ans. In mass production, a large number of identical particles are produced but in spite of advanced mechanization and tooling, the equipment employed need not be specially designed for this type of article alone. Plant and equipment, both are sufficiently flexible to deal with [...]

What do you mean by job or unit production ?

Ans. Job production is the manufacture of products to satisfy specific customer requirements of special orders. The quantity involved is small, generally "one off' to several off, and is normally concerned with special projects, models, prototypes, special machinery or equipment to perform specialized and [...]