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Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue2 Marks
Question
What is monetary cost?
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Answer

  • Generally, whatever payment made by entrepreneur in the form of money under the process of production of goods is called monetary cost.
  • Monetary cost concept is more useful because the production cost is counting money.
  • Monetary cost based on following three factors :
  • The price paid to factors of production.
  • Level of production.
  • Period of time.

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