answersLogoWhite

0


Best Answer

The definition of the classical theory of production is defined by Adam Smith and involves 3 factors of production; land, labor, and capital. With the passage of time the size of the market will increase, which will lead to both internal and external economies of scale, which will eventually lower down the cost of production.

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the definition of classical theory of production?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Explain Creative destruction and classical theory of production?

ham sandwitches and jerky


Definition of classical theory of production?

generally production in economics is the creation of utility. we can crate utility by three way, by changing time , by form and by changing place. theories which describe the relationship between input and output are known as theory of production.


How output and employment equilibrium is achieved through production in the classical theory?

equlibrium output and employment


Definition of cardinal approach theory in economics?

this approch is also known as uttility approch or classical approch because it was very presented by the classical or orthodox economics


How do you explain Classical Conditioning Theory?

Explain Classical Conditioning Theory?


How is the Neoclassical theory and how its related to classical?

neoclassical theory ia an improved version of the classical theory


Classical theory and Neo-classical theory of International Trade?

in a classical theory says there is perfect competition whereas NE classical states imperfect competition in international trade.


Comparison between classical theory and neo classical theory?

Nothing


What are the 2 types of classical management theories?

1.Neo-classical management theory 2.Modern-classical theory


Advantages and disadvantages of classical management theory?

Advantages and disadvantages of classical management theory?


Classical utility theory?

Classical utility theory is satisfying needs and wants. It is an important concept in the economics and game theory.


What did Joseph Wolpe's proposed theory based on classical conditioning explain?

Joseph Wolpe's proposed theory based on classical conditioning explain's the classical conditioning theory is linked with phobias.