Final answer:
The subject of this question is Business. In business, production planning involves making decisions about what products to produce, how to produce them, how much output to produce, the price to charge, and the amount of labor to employ. These decisions are influenced by production and cost conditions, as well as the market structure for the products.
Step-by-step explanation:
In business, the process of determining the quantity of products or services each facility will produce during a specified period is known as production planning. It involves making decisions about what products the firm should produce, how to produce them, how much output to produce, the price to charge for the products, and how much labor to employ.
These decisions are influenced by factors such as the production and cost conditions facing the firm, as well as the market structure for the products. Market structure involves questions like how competitive the industry is, the market power of each firm, the similarity of products, and the ease of entry for new firms.