Economics (How to Produce-1)

The second central problem faced by any economy is which technique should be used for the production of given commodities. This problem arises because there are various techniques available for the production of a commodity, such as, for the production of wheat, we may use either more of labor and less of capital or less of
labor or more of capital. With the help of both these techniques, we can produce an equal amount of wheat. Such possibilities exist relating to the production of other commodities also.