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What is the meaning of input?

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asked Apr 16, 2020 in Concept of Production by Suraj01 (56.2k points)

What is the meaning of input?

concept of production
class-12

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1 Answer

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answered Apr 16, 2020 by Radhika02 (65.1k points)
selected Apr 17, 2020 by Suraj01

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An input is a good or service that goes into the process of production. In the words of Baumol, “An input is simply anything which the firm buys for use in its production or other processes.”

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