{"id":5415,"date":"2019-02-14T09:49:05","date_gmt":"2019-02-14T04:19:05","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5415"},"modified":"2019-02-16T10:13:57","modified_gmt":"2019-02-16T04:43:57","slug":"production-cost","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/production-cost\/","title":{"rendered":"Production Cost"},"content":{"rendered":"<p><strong>The opportunity cost of all economic resources forgone for a particular production process can be identified as production cost.<\/strong><\/p>\n<ul>\n<li>In economics, opportunity cost is considered as production cost which it includes both<br \/>\ndirect and indirect costs.<\/li>\n<li>In accounting, only direct costs will be considered.<\/li>\n<li>Indirect cost\/ assumed cost means, earnings of factors forgone to employ the<br \/>\nproduction resources of a production firm for their production process.<\/li>\n<li>The opportunity cost of all economic resources forgone for a particular production<br \/>\nprocess can be identified as production cost.<\/li>\n<li>In economics, opportunity cost is considered as production cost which it includes both<br \/>\ndirect and indirect costs.<\/li>\n<li>In accounting, only direct costs will be considered.<\/li>\n<li>Indirect cost\/ assumed cost means, earnings of factors forgone to empty the<br \/>\nproduction resources of a production firm for their production process.<\/li>\n<li>The minimum benefit expected by an entrepreneur to remain in the production process is<br \/>\nconsidered as normal profits. Also it is considered as the opportunity cost of the<br \/>\nproduction factor of the entrepreneur.<\/li>\n<li>Expenditure borne by a production personally for the inputs of the production process is<br \/>\nidentified as private costs and expenditure borne by independent external parties as a<br \/>\nresult of the production process is identified as external costs.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The opportunity cost of all economic resources forgone for a particular production process can be identified as production cost. In economics, opportunity cost is considered as production cost which it includes both direct and indirect costs. In accounting, only direct costs will be considered. Indirect cost\/ assumed cost means, earnings of factors forgone to employ [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,2683],"tags":[],"class_list":["post-5415","post","type-post","status-publish","format-standard","hentry","category-economics","category-unit-3-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Production Cost - Learning &amp; Education Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astan.lk\/al_virtualclassroom\/production-cost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Production Cost - Learning &amp; Education Portal\" \/>\n<meta property=\"og:description\" content=\"The opportunity cost of all economic resources forgone for a particular production process can be identified as production cost. 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