Wednesday, August 21, 2013

The Impetus Behind Production.

The impetus behind production is the consumer’s desire for better quality, more choices and lower prices. Of course, production is prior to consumption. Consumers have the power to change the course of production by changing their spending patterns. Prices for factors come backwards from consumption and all of these market prices tell the producers what to produce and in what quantity. Being alert in this competitive environment, it is the producer who serves as a ‘built-in’ entrepreneur.

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